Last Friday’s jobs report does not tell the whole unemployment story, according to American Enterprise Institute blogger and CNBC contributor James Pethokoukis.
He writes, “If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.”
Had the participation rate remained the same as the previous month, Pethokoukis points out, “the unemployment rate would be 8.4 percent” — higher than the 8.1 percent in the August report.
Those who have returned to work amidst the meager recovery are often only finding jobs that are part-time and pay less than what they formerly earned.
“The broader U-6 unemployment rate, which includes part-time workers who want full-time work, is at 14.7 percent.”
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