Posted by: arnegrim | June 3, 2011

Unemployment trudges on

“More people entered the work force in May. But most of the new entrants couldn’t find work. That pushed the unemployment rate up from 9 percent in April. The number of unemployed rose to 13.9 million…

…About 8.5 million Americans worked part time, even though they would have preferred full-time jobs. An additional 2.2 million have stopped looking in the past year.

When the unemployed are combined with part-time workers who would rather be working full time and people who have given up looking for jobs, roughly 25 million Americans are “underemployed.” That’s equal to 15.8 percent of the work force.”

http://news.yahoo.com/s/ap/20110603/ap_on_bi_ge/us_economy

So… the ACTUAL number of unemployed people is roughly 16.5 million… roughly a 10.5% unemployment rate.

Not good for a President that sold his stimulus bill on keeping it below 8%.

http://www.time.com/time/business/article/0,8599,1910208,00.html

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