REAL Numbers of Unemployment

Week in and week out over the last couple of years, the Government’s unemployment numbers have had to be revised drastically upward.  According to an article written by Elizabeth MacDonald weekly jobless claims have had to been adjusted higher 59 out of the last 60 weeks.  Why is this data consistently inaccurate?  It’s inaccurate because the numbers are incorrect.  The numbers are much higher than the 8.2% of Americans looking for a job.   A recent article by CNN Money stated that 86 million Americans currently unemployed who have given up on looking all together.   If a person is not actively looking for a job, or recently unemployed, they are not counted into the 8.2% unemployment rate.  Let’s take a closer look at the numbers.   The largest percentage of the “invisible unemployed” falls between the ages of 16 to 24.  This number is not unexpected as many of these people are thought to be seeking higher education standards.  The alarming rate is the demographics that fall between the ages of 55 to 64, which stand at 15% today.  These individuals have likely either been laid off or lost their job to another applicant usually at both a lower age and salary.  Discouraged, they have probably forced themselves into early retirement, or have severely adjusted their quality of life.   The rest of the population under the age of 65, from ages from 25 to 54, account for 27% of Americans who are unemployed and have given up looking for a job.  Most of these Americans are either going back to school or relying on a spouse, or significant other, to cover day to day expenses.  If at any time any time these “invisible” unemployed Americans unexpectedly jump back into the labor force, the numbers will need to be adjusted.