Saturday, March 10, 2012

8.3%? 'We need real numbers,' congressman complains

While the Labor Department reports a surge in private-sector hiring and the nation's unemployment rate holding steady at 8.3 percent, a closer look at the numbers paints a less flattering picture of the country's post-recession growth.

The latest report for February shows lingering economic disparities among different segments of the population. And, as has been the case for decades, the unemployment rate used by the Bureau of Labor Statistics does not tell the whole story.

Counting only those Americans who are actively looking for work, the jobless rate is 8.3 percent, just like it was in January. But counting those who stopped looking for work within the last year, the rate is 9.8 percent.

And counting all of the above, plus those who settled for part-time jobs, the rate is 14.9 percent.

"Everybody who has friends knows it's higher," Rep. Duncan Hunter, R-Calif., told Fox News.

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