The Detroit News’ Mike Wilkinson has an eye-opening story on how unemployment rates generally under-report true joblessness — and specifically how this is happening in Michigan’s largest city.
The story points out that Detroit’s official unemployment rate of 27 percent (as of October) may be dramatically under-counting those without work in the economically-strapped city. The actual unemployment rate, when you factor in those who have given up looking for work or who have gone back to school following fruitless searching for work, could be as high as 45 percent.
Similarly, official joblessness stats don’t include early-retirees — those who want or need to continue to work but have fallen victim to corporate downsizing — or those who work part-time but would really prefer full-time work.
The story quotes Marc Levine, director of the Center for Economic Development at the University of Wisconsin-Milwaukee, who has studied employment patterns in the Midwest.
Welcome to the Barack Hussein Osama style Country!
http://michiganmessenger.com/31983/detroits-unemployment-rate-is-probably-near-50-percent