Richard Mendales

22-Year-High Jump in Unemployment Hits Stocks and Dollar

The US unemployment rate is actually understated, since it doesn't include "discouraged" workers who are not actively seeking work, nor underemployed workers who are working part-time or for significantly less than earnings in previous jobs. It also fails to take in people who are working "off the books" to avoid taxes--a number that has probably risen given the current level of consumer distress. Given these factors, it is next to impossible to compute what the rate of unemployment really is.