The Bureau of Labor Statistics (BLS) has published their unemployment numbers for September 2013. The BLS-defined official unemployment rate declined to 7.2% from August’s figure of 7.3%.
However, as we note each month, these particular BLS figures do not reflect Real Unemployment, since as a core principle BLS counts only those persons who are actively looking for employment.
BLS does not include among unemployed persons (i.e., the ‘numerator’) the 10.2 million workers in total who are either “marginally attached” or “part-time-of-necessity.”
Marginally attached workers, of whom there are now 2.3 million, are workers who “while wanting and available for jobs, have not searched for work in the past four weeks but have searched for work in the past twelve months.” Currently included among them are 0.9 million discouraged workers who did not look for work specifically because “they believe there are no jobs available or none for which they would qualify.”
Part-time-of-necessity workers, of whom there are now 7.9 million, are workers unable to find full-time jobs or who’ve had their hours cut back. These workers are often referred to as the “underemployed.”
The Real Unemployment Rate adjusts to include those, in order to determine the number of Real Unemployed Persons and the Real Unemployment Rate.
The number of Real Unemployed Persons decreased by 86,000 to 21.5 million
The Real Unemployment Rate decreased by 0.06% to 13.6%.
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