Tesar-Reynes

A recent story on NPR said the Bureau of Labor Statistics (BLS) most recent report of 10% unemployment may be skewed. According to the story, when you add in unemployed workers who have stopped looking for jobs along with part-time workers who’d like full time jobs, the number of unemployed and underemployed balloons to 17.2%.

I know this is my first recession, but isn’t that number excessively high?

The history reports tell us America’s unemployment rate hit 25% during the Great Depression. 17.2% seems eerily close to that number. It’s certainly more than halfway from zero.

The NPR story also reports while unemployment for Americans with less than a high school diploma topped off at 15%, those with at least a college degree had an unemployment rate just under 5%. (I think most of those people are friends of mine who graduated last year.)

I don’t know what to believe anymore. It seems like the numbers can be skewed either way, both for good and bad. All I know is, I’m happy to be working. I feel terrible for those who are looking and can’t find work. I feel even worse for those who lost income and have families to support.

For those frustrated unemployed out there, perhaps this statistic will help brighten their spirits. Last January, even in the depths of the recession, 4.3 million new workers were also being hired. There is hope.