Last week, the Federal Government announced (via Kansas City Star et al) that the Unemployment Rate stayed the same at 9.6%, but the economy shed another 95,000 jobs. Over the years, I asked, “How would the rate stay the same when we lost that many jobs?” But, I had never done the math. So, let’s do the math.
According to the report, there are 14.8 Million Unemployed Job Hunters out there which makes up 9.6% of the people who ‘want’ jobs. So, a quick calc shows that there are 154,166,666 in the Job Wanters pool (14,800,800 / .096).
Also in the report, we are told that 1.2 Million quit looking for work / went off the rolls. Well, they’re still unemployed aren’t they. So, just for giggles, let’s pretend that the government wants to talk about ‘real numbers’ and add that 1.2 Million back into the mix.
We now have 16,000,000 Unemployed in a pool of 155,366,666 Job Wanters. Calculating that ratio, we end up with an unemployment rate of…
Now, had this been a Republican (or Bush) Administration, the Main Stream Media would have been happy to calculate and report this for you. But since the Democrats are ‘ruling‘, we’ll have to do our own math. Good thing I paid attention in 5th Grade Fractions.