Joblessness Report Worse Than It Looks

September’s report has joblessess staying level at just above 6 per cent. Some are calling it moderate. Don’t be fooled. There’s a bigger picture.

Chicago Trib:The unemployment number understates reality even more than the consumer price index, which always seems to show low inflation except for the stuff that folks actually need to buy.

In the tradition of Florida election judges, the jobless count overlooks all sorts of people. Maybe its biggest failing, and to the extent that it provides a false sense of security these days, is its inability to account for the nation’s Ron Raneys.

As a former trading-floor worker turned home inspector and now retail clerk, the 50-year-old Raney certainly is employed. In fact, he also moonlights selling beer at Cubs and Sox games.

 

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