That U-3 unemployment rate aka the official unemployment doesn't count the amount of people that dropped out of the work force or are discouraged or have seasonal jobs or part-time jobs...
It's severely flawed and misleading.
The U-6 unemployment rating is a more accurate view of workforce participation and include those things that are left out in the U03 unemployment rate
Currently the U-6 unemployment rating is 8. The U-6 unemployment rate has been between 9 and 8. That's almost double the U-3 rate and that's just the way it always been. And the Black unemployment rate is almost always double of Whites...so...
This is the source of the current unemployment rate
Current U-6 Unemployment Rate
Explains all the different unemployent ratings
Table A-15. Alternative measures of labor underutilization
Graphs
U6 Unemployment Rate
So yeah...the "official unemployment rate" the government and media releases every year is BS...even economists say it's BS...use the U-6 rating
We got dotcom bust levels of unemployment right now...and employment always seems to maximize during the holiday season...
Prepare yourself for the decline....