Surprise! Unemployment is 8.8 Percent says Labor Department But Gallup says it 10 Percent! HUH????

On Friday Dueling unemployment reports find unemployment is shrinking which is good news. But not everyone happy. The Department of Labor says March 2011 Unemployment fell to its lowest record 8.8 percent . That equals to 216,000 people found work. The last time unemployment was at 8.8 was in height of the recession in 2009. From AP via Yahoo Finance News:

The nation’s unemployment rate dropped to its lowest level in two years in March, and the outlook is brightening as major companies plan to add more jobs.

Increased hiring cut the unemployment rate to 8.8 percent — an encouraging sign for the unemployed and for President Barack Obama’s re-election prospects.

Still, the job gains haven’t led many people who stopped looking for work during the recession to start again. Fewer than two-thirds of American adults are either working or looking for work — the lowest participation rate in 25 years.

The economy added 216,000 jobs last month, the government said Friday. Factories, retailers, the education and health care sectors, and professional and financial services all expanded payrolls. Those gains offset layoffs by local governments, construction and telecommunications.

But Gallup says if you add the underemployed and the long-term unemployed who gave up the unemployment rate is still at  10% range.  From Gallup Organization:

Unemployment, as measured by Gallup without seasonal adjustment, was 10.0% in March — down from 10.2% in mid-March and 10.3% at the end of February, but above the 9.8% at the end of January. U.S. unemployment was 10.4% at the end of March a year ago.

Underemployment remains stubbornly high at 19.3%:

Underemployment combines part-time workers wanting full-time work with those who are unemployed. Both groups’ readings fell in March; consequently, underemployment also fell, to 19.3% from 19.9% in mid-March and at the end of February. Underemployment was more than a full percentage point higher one year ago.

While the numbers are falling inflation on the rise and the housing market continues in shambles. The country is upside down.

Read both articles !


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