Hugh de Payns
The economy added 244,000 new jobs in April, but the unemployment rate climbed to 9.0% all because “more people are looking for work”. I am also hearing the spin that “the numbers aren’t great, but the direction is good.” That is the mantra being spun on the networks this morning.
The civilian employment ratio has not improved, and in fact it is now starting to tail downward again.
The U6 rate which is the broadest indicator of unemployment which includes unemployed, those working part time wanting full time work, and “discouraged workers” (those who have given up looking), is climbing upwards again.
The number of people who have given up or are discouraged is actually climbing, not falling.