TheBaise saidAll those stats are just made up lies designed to embarrass President Obama / who is trying his best to give jobs to everyone. But one thing to remember is what Nancy Pelosi pointed out, which is people who have totally given up looking for work are not unemployed / they're using their time the best way they know how, pursuing a hobby. What else can they do? The repubs are denying jobs to people!
No matter what Joe public is told, I think this 'employment rate' actually reflects Corporate Payrolls and the Self Employed, not the actual unemployment rate, but reversed. Tracking the number of people who are employed or with UI or SS benefits (more people) is much easier than tracking people who do not have an income (less people). The low number of the labor participation rate is reflected in the % ratio between the eligible working population and what the Corporate Payrolls, UI, SS, disability, retirement and the Self Employed are reporting including on the income tax forms. Break it down again and the true labor participation becomes those in the corporate payrolls and self employed only. (this is the hiring-firing process at a current 62%)
Say 100 million US people are eligible to work, age 18-55.
If 5.6% is the 'official unemployment rate', means that 5.6 million US people are not counted in any income bracket yet the US census knows these people exists. I think the real unemployment rate comes from income reporting, wherever the source. What is labor? Income (money) in exchange for services. What is unemployed? No Income
As the unemployment rate fall or rises means:
Fell= more people either are back in Labor income or now receiving other incomes
Rises= more people fell out of Labor income, on or lost other income or now have no income
Labor Participation Income = Corporate Payrolls & Self Employed (62%)
Other Income = UI, SS, Disability, Welfare, Pension, Retirement, Lottery (32.4%)
No Income But Eligible = Not Counted Or "The Real Unemployed" (5.6%)