The government reported that unemployment is down to 8.8%. When I heard it this morning I figured I’d wait for the Gallup numbers. I don’t trust the government anymore. Gallup’s latest survey indicates unemployment is actually at 10%, and underemployment is nearly 20%.
Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February — up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010….
The percentage of part-time workers who want full-time work worsened considerably in February, increasing to 9.6% of the workforce from 9.1% at the end of January. A larger percentage of the U.S. workforce is working part time and wanting full-time work now than was the case a year ago (9.3%).
That’s some recovery! But of course the Obama administration and the press will tell us the economy is just great, just like they scoff at the notion that we’re facing painful inflation.
Update: I just heard a clip of President Obama on the news saying the good news out today on employment means we can’t possibly cut spending and slow the recovery. Seriously, the guy is a tool.
Tags: Gallup, government, inflation, underemployment, unemployment
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