Washington, DC - The real unemployment rate released today by the Bureau of Labor Statistics is 16.4%, 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.”
Seven million people have lost their jobs since December 2007. There are currently 14.5 million unemployed workers.
The number of layoffs in May declined for the fourth straight month indicating President Obama’s economic recovery plan is having some effect but underscores the urgent need to put more government dollars to work motivating the private sector to begin hiring laid-off workers.
ADA National Director, Amy Isaacs, said: “We must move faster to stop further job loss by investing Federal dollars in infrastructure, renewable energy projects and education. We welcome the apparent, small steps toward economic recovery. True recovery will not occur, however, until Americans are fully employed.”Back to Press Releases