Here’s the worst case scenario of the U6 Unemployment Rate, as noted in this Reuters article, Great Depression jobs parallel may not be far flung. I disagree with the article, and believe we are nowhere near depression levels of unemployment.
The series by John Williams’ Shadow Stats folds back all of the workers who have left the Labor Pool. We do not know how many are actual workers and how many have simply left the labor pool, so that 17.5% number probably skews high.
While I believe the 7.2% unemployment rate is laughably inaccurate, I do not think we are at 17.5% either . . .
Hat tip Paul
Great Depression jobs parallel may not be far flung
Pedro Nicolaci da Costa Reuters
Jan 8, 2009 9:37pm EST