The Bureau of Labor Statistics (BLS) has published their unemployment numbers for November 2013, stating the official unemployment rate fell to 7.0% from October’s figure of 7.3%. And, as of November 30, 2013, based on a separate monthly survey of “households,” there were 10.9 million unemployed persons.
However, as we not each month, these BLS figures do NOT reflect real unemployment, because they do not include:
Marginally attached workers 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.”
Underemployed workers cannot find full-time jobs or have had their hours cut back.
Making the adjustments necessary to determine the number of real unemployed persons and the real unemployment rate:
The number of real unemployed persons decreased by 883,000 to 20.7 million.
The real unemployment rate decreased by 0.6% to 13.2%.
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