On June 7, the U.S Bureau of Labor Statistics released employment figures for May, 2013. Statistically, unemployment stood at 7.6%, unchanged from April. The Bureau of Labor Statistics also pointed out that the number of unemployed persons was 11.8 million, again, unchanged from April. Also unchanged from April is that the long-term unemployed figure (which measures individuals who have been jobless for 27 weeks or more) was at 4.4 million – in fact those long-term, unemployed individuals accounted for 37.3% of the unemployed.
Depending on what side of the aisle they are on, politicians make a fuss about unemployment figures. If the unemployment rate is down, Democrats crow that the economy is improving. If it goes up, Republicans blame the Democratic president for failed policies.
Read more...Unemployment Stats Do Not Tell the Entire Story via Axiometrics
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