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The real unemployment rate is higher

March 5, 2011

Looking at the not seasonally adjusted U6 data, the unemployment rate jumps to 16.7 percent for February 2011, not the 8.9 percent seasonally adjusted unemployment rate reported in the monthly BLS unemployment rate press release.

Economist Jim Fitzgibbon, the head of the Highlander Fund, calls the BLS monthly unemployment rate report “worthless,” noting “the entire report is seasonally adjusted to be positive, while the non-adjusted data is just awful.”

So, where the seasonally adjusted U3 unemployment rate dropped from 9.4 percent in December 2010 to 8.9 in February 2011, the non-adjusted U3 unemployment rate is moving in the opposite direction, from 9.1 percent in December 2010 to 9.5 percent in February 2011.

http://data.bls.gov/cgi-bin/print.pl/news.release/empsit.t15.htm

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