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Real Unemployment Rate at 17.5%
The real unemployment rate released today by the Bureau of Labor Statistics is 17.5%, over 7 points higher than the officially reported rate.
The real rate includes marginally attached workers which the BLS reports “are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.”
ADA National Director Michael J. Wilson: “The modest extension of unemployment benefits passed by Congress this week is not enough,”
“There are over 15 million out-of-work Americans vying for 3 million available jobs.
“Even as Congress finishes health care reform, they must address the job question.
“The latest BLS report shows 35.6% of the unemployed have been without work for more than 27 weeks.
“We need a bold job creation plan that puts people back to work.
“Incumbents of every political persuasion must join together to embrace a bold job agenda or face a justifiably unhappy electorate in 2010.”
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