In a regular monthly exercise in statistical flim-flam, the Bureau of Labor Statistics has released the jobless numbers for October 2011.
The meaningless unemployment rate in the headlines: 9% , down a whopping 0.1%. The real unemployment rate: 16.2% (includes people who no longer get unemployment benefits, need work but have stopped looking because it’s futile, or have only found part-time work). Learn more here.
There was a net gain of 80,000 jobs in the past month, not all of them at McDonald’s (some were at Wendy’s). At that rate, all of America’s 13.9 million unemployed should be working by about 2030.
“Most unemployed Americans are no longer receiving unemployment benefits,” Christopher S. Rugaber, AP via New York Daily News
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