5 Common Misconceptions about the US Economy
2. Unemployment
The US Department of Labor said unemployment was 6.1% for the month of June. But how accurate is it? Turns out a lot of economists look at another number besides what they call the “main” unemployment. The Bureau of Labor Statistics calls this number “U6”, which is defined as “total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers.” Turns out if you look at those numbers, the real unemployment rate is nearly double what the federal government reported at 12.1%
