WASHINGTON (Sputnik) – The official unemployment rate was not the misleading part, but the number of full-time jobs as percent of the population that is at the lowest ever, Gallup CEO and Chairman Jim Clifton said, correcting his previous statement.
“The number of full-time jobs, and that’s what everybody wants, as a percent of the total population, is the lowest it’s ever been,” Clifton said on Thursday.
Another misleading aspect concerns the fact the more people drop out, the better the number gets, Clifton said adding that “you don’t actually see that in the number.”
A more realistic and substantially higher unemployment rate is reached when to the number of the jobless, seeking full-time employment, are added the marginally attached workers and those working part-time for economic reasons, according to Portal Seven, an economic data website.
“You find that the ‘real’ unemployment rate that reflects the reality of the economy is actually above ten percent, Portal Seven said.
Clifton has previously criticized the unemployment number of 5 percent as not reflecting reality and the Labor Department for not accurately reflecting the dismal nature of the economy.