Doublethink

The thing that always irked me about the usual unemployment number was that it excluded people who were underemployed and those who have “given up” on their job search. If you count those people and other marginally unemployed people usually excluded, as Zero Hedge points out the actual rate is about 17% (as if 10% wasn’t skurry enough). As they note: “U-6 represents total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.”

Also, Henry Blodget points out a PIMCO report saying, in upshot: “Many job losses are occurring in industries with broken business models and jobs won’t return quickly. This will put downward pressure on wages.” All the more reason for the under and unemployed, lawyers included, to start thinking outside the box and building new businesses from the ground up; no one is going to save us from this mess except ourselves.