Somehow all these sources, except for a brief reference from NPR and a very brief reference by CNBC, overlooked the U-6 unemployment rate of 14.7 percent, unchanged from August 2012. But The Wall Street Journal found room for a U-6 rate analysis.
The Wall Street Journal's U-6 rate analysis is quite telling, providing a much more realistic unemployment picture than the U-3 rate alone. The U-6 unemployment rate considers the U-3 rate as well as marginally attached workers:
"those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that's all they could find.
In September, the number of part-time workers who would like full-time jobs surged by 582,000. That represents about two-thirds of the increase in employment last month and is larger than the drop in the number of unemployed. That's why the U-6 stayed at 14.7% in September."
Further, the various unemployment rates and the number of jobs added to the economy are derived from two separate reports!
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