I'm trying to figure out why with an unemployment rate of 6.7% we have stimulus checks and food lines for miles. The obvious answer is the real rate is much higher. Has anyone researched all the causes for a real rate. I'm thinking about lower participation rates and I remember some problems with how furloughed people were counted. I'm thinking it must be closer to 20%.
That unemployment number is pure make believe we still have at least 20 million collecting unemployment compensation each week.
Do you remember back in the old days long ago during the Obama years when Obama haters said that the unemployment rate is suppressed and that the rate is higher than the Obama controlled labor department is telling us? So now the Trump lovers are saying telling us how low the unemployment rate is hat the Trump controlled labor department is not telling the truth.
I mean, on one hand the unemployment number is always politicized. On the other, 6.7 makes sense when you take into account people who voluntarily left working to take care of family members. I would definitely be one of them if I still lived with my mom. I wouldn't be able to work (it's a retail job) if I knew I could get my mom sick.
A couple of reasons. The labor participation rate dropped from 63.4 to 60.2% and then increased to 61.5%. Since the LPR is only about 5/8, any change in it is magnified in the unemployment rate. For all practical purposes, it is several points higher. Probably closer to 9%. The other thing is that even thought the unemployment is relatively low, those that are laid off for no fault of their own are really hurting. Some industries were hit hard and some hardly affected.
