What a coincidence that the Bureau of Labor Statistics reports the new “official” unemployment rate (U3) dropping below 8 percent one month before the election. This one-month snapshot is being heralded by those on the left as all the proof we need that our economy is on the right track.
What isn’t mentioned is that the unemployed/underemployed rate (U6) is unchanged at 14.7 percent and has been over 14 percent for well over a year; the trend is unchanged.
U6 unemployment is a much broader-based number because the U3 unemployment considers somebody “employed” even if they work only one hour a week – hardly a living wage.
These latest BLS statistics report there are 456,000 fewer unemployed people, but only 114, 000 jobs were created. So what accounts for the other 342,000 people? Did they vanish into thin air?