Current Unemployment Rate? 17.5%

Posted by Mrs Money on September 20th, 2010


sad.jpgSeriously? 17.5% unemployment? Yes, if the government would measure unemployment as they did 80 years ago.  The government’s calculation of 7.2% unemployment does not take into consideration millions of Americans who could not find a job or could not get full time employment.  So, if you’re that person with the master’s degree that’s working part time at your local grocery store, you’re not included in the calculation.  Technically you have a job.

The government also tracks the “U-6” rate, which includes discouraged and underemployed workers.  Right now it’s 13.5%.  Currently we’re at a 15 year high for unemployment.  The number of Americans filing for unemployment is at its highest level in a quarter of a century.

During the Great Depression, unemployment hit 25%.  But that wasn’t until 4 years after the stock market crash.  1 in 4 Americans was out of a job.  We think 7.2% (or 17.5%) is bad?  Hopefully we won’t see 25%.  That would be devastating.   My advice?  If you’ve got a job, thank your lucky stars.  Keep saving all you can, and be as thrifty as possible.  You can never have too much money saved!


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6 Responses to “Current Unemployment Rate? 17.5%”

  1. Yeah Mr M is one of those. Also he gets minimal unemployment cause he mostly works freelance, 1099 employment. I can see why they manipulate the number, 17.5% would send the market plummeting further.


  2. Miss M says:

    Hey Mrs Money, check your comment moderation queue. I tried adding my blog title to my name and the spam filter must have kicked in!


  3. I keep seeing these numbers and I just want to be clear. So if we were calculating unemployment the way they were in the depression we would be at 17.5%. Is that right?


  4. Mrs Money says:

    Miss M- Sorry it took so long to reply! We’ve been without power for over 4 days… fun. I agree if 17.5% was what they went by things would get much worse in the market.

    Ashley- That’s the way I understand it. 🙂 It’s confusing to me too.


  5. Eric says:

    The market knows how the numbers are calculated. The underemployment of America has been going on since the late 1970’s. We’ve been on our way to becoming a third world country for quite sometime now. Power grid collapsing and blackouts in Calif., bridges collapsing in Minn., Ct., Pa. due to lack of capital spending. People with Master’s degrees working in the local grocery store because businesses aren’t hiring. This country has some serious problems and no one has been minding the store for the last 8 years.


  6. Mrs Money says:

    Eric- That’s very interesting. Isn’t it sad how messed up things are now? 🙁


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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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