Article Image
IPFS News Link • Economy - Economics USA

Gallup Poll Pegs Unemployment Rate at 10.2%, Underemployment at 19.9%

In the last year, the civilian population rose by 1,853,000. Yet the labor force dropped by 312,000. Those not in the labor force rose by 2,165,000. In January alone, a whopping 319,000 people dropped out of the workforce. In February (this months' report) another 87,000 people dropped out of the labor force. Were it not for people dropping out of the labor force, the unemployment rate would be over 11% (Rosenberg pegs it at 12%). On a year-over-year basis the number of people employed dropped by 125,000 yet we are supposed to believe things are getting better. From a jobs standpoint the best we can say is things are no longer getting worse. However, we can also state the BLS unemployment rate is a complete distortion of reality.