Rasmus on the attack again

The irrepressible Jack Rasmus, who has never demonstrated any real understanding of how economic statistics are constructed, has a new post claiming that the “real” unemployment rate is more like 10–12% than the officially reported 3.7%. He has a point, even if it’s somewhat overstated. The government’s own broad unemployment rate, U-6, was 7.2% in August, nearly twice the headline rate, though short of the Rasmus rate. (See table A-15 here.) One of the ways the government undercounts the unemployed, says Rasmus, is that the monthly survey “misses a lot of workers… Read More