Sunday, November 8, 2009

Highest Unemployment Since the Great Depression

Of course the real numbers are even higher...but at least we can reference U6 data for a less contrived and deceptive number.
"Officially, the Labor Department’s broad measure of unemployment goes back only to 1994. But early this year, with the help of economists at the department, The New York Times created a version that estimates it going back to 1970. ...
If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression.
In all, more than one out of every six workers — 17.5 percent — were unemployed or underemployed in October. The previous high was 17.1 percent, in December 1982."
From David Leonhardt at the NY Times: Broader Measure of Unemployment Stands at 17.5%
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