But that larger figure doesn't include a huge number of unemployed folks who have given up looking for work because they feel the search is hopeless. Last Friday's report said 661,000 such people left the labor force in December.
This is a major loophole, that the unemployment rate is much higher, but that the labor dept statistics don't include those who want to be working, but have given up on looking for a job. It's a manipulation of the truth, that hides how severe the unemployment rate truly is.
And also hidden is how many people are working less than full time and forced to accept that, working 32 hours a week or less. I know quite a few in that situation.
