The Unemployment “U” Numbers Are Useless

Over 50, Female and Jobless Even as Others Return to Work

Laid off at the start of the recession from the diagnostic testing firm in Seattle where she spent more than three decades, Ms. McAfee, 58, has not worked since 2007. “I’ve been applying and applying and applying,” said Ms. McAfee, who has relied on her savings and family to get by as she fights off attempts to foreclose on her home. At interviews, she said, “They ask, ‘Why has it been so long?’”

At 5 percent, the jobless rate may be close to what economists consider full employment, but that headline figure doesn’t capture the challenges still facing millions of Americans who have yet to regain their footing in the workplace.

Can we please stop attempting to fool people into believing the unemployment rate is 5% with these stupid U3 and U6 numbers?  There are a bunch of people who want to work, but can’t.  The government says we are doing great.  Not so…

For those that don’t know, here’s an explanation.
What Is U-6 Unemployment?

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