America's Lackluster December Jobs Report
Official numbers belie weakness.
by Stephen Lendman
Headlines belied its weakness. Economist John Williams reengineers economic data based on reliable decades earlier modeling.
U-3 unemployment rose 0.1% to 7.8%. U-6 is broader. It's 14.4%. It includes:
(1) Marginally attached workers wanting jobs but not actively looking in the past 30 days. They looked unsuccessfully in the last year. They include "discouraged workers." They gave up in frustration within, but not exceeding, the past 12 months.
(2) People looking for full-time work but forced to take part-time or temp jobs to be employed.
Based on how unemployment was calculated in the 1980s, Williams reported 23%. It's a "new (post WW II) high," he said.