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Monday, November 10, 2008

Real Unemployment Rate Soars to 11.8%

As Alan Abelson points out in this week's issue of Barron's, 240,000 payroll slots went up in smoke in October, and that total would have been higher by 71,000 were it not for these mythical jobs that were "created" via the infamous birth/death model.

Abelson also notes that--

"The category that gives you a better feel for the way things really are out there on the the job front is dubbed U-6 and includes marginally attached workers, part-timers who can't find a full-time job and the officially unemployed. In October, that measure reached 11.8%, the highest since 1994, when it was designed, compared with 7.9% a year ago."

MrKen is ever so thankful that he's retired!

To read this week's Barron's magazine for free follow this link:

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