Did the Department of Labor make a math mistake???
Today, U3 seasonal unemployment jumped from 8.5 to 8.9%.......but seasonal U6 unemployment inched forward only .2%.
Quite frankly, I just got back after being out all day so I havn't had much time to analyze the data.....just from a quick glance.....it seems like someone at the Department of Labor made a mistake since U3 is a subset of U6 and more and more workers are considered underemployed.
Here is a quick article from AP:
The `underemployed' get by on fewer hours`Underemployed': They have still have jobs, but their hours have been cut way back
ROCHESTER, N.Y. (AP) -- Jody Taylor dodged the bullet twice in the past year when the industrial-coating factory where she works as a machine operator went through a series of layoffs. But her hours have been cut back to a four-day workweek.
In this economy, she considers herself lucky.
"I did lose some money, but I still have a job and health benefits," said Taylor, 51, a single parent whose 17-year-old son recently had his wisdom teeth pulled. "Honest to God, I don't know how anybody can do it without their benefits."
Taylor has joined the burgeoning ranks of the "underemployed" -- the 8.9 million Americans who would prefer full-time jobs but must make do with part-time work.
Their numbers have shot up from 5.2 million a year ago, the U.S. Bureau of Labor Statistics reported Friday. The April total was down only slightly from 9 million in March, the most since record-keeping began in 1955, the agency said.
The ranks of the underemployed have swelled as tens of thousands of businesses resort to shorter workweeks, furloughs and seasonal shutdowns to avoid deeper cutbacks. Often, these involuntary part-timers get to keep at least some of their benefits.
Could this be the first time the Department of Labor may have made a mistake. But for revising February and March unemployment upwards, and picking up about 70,000 part time census workers.....we would have seen unemployment numbers probably around 150K higher in April than reported........
it appears we will have to wait for the revisions on U6 for more accurate data.