The County's unemployment rate (not adjusted for seasonality) rose to 14.0% in October. The labor force increased by 3,300 in October -- likely due to people gearing up for seasonal jobs. From the March 2009 peak of 888,500, the County's reported labor force has fallen by 18,100, or 2.0%. The number of employed County residents increased by 1,100 in October, the first significant month-over-month increase since April 2008. However, the number of unemployed residents rose by 2,200. The official unemployment rate rose as a result.
What is the "real unemployment rate" that includes discouraged workers and the under-employed? The best national estimate, called U-6, was 17.5% in October, compared with the official national unemployment rate of 10.2%. That's about a 72% increase from the official rate. If we use that ratio and apply it to the County's official unemployment rate of 14%, then we get an estimate of approximately 24%. This figure does not include people who have seen cuts to their hourly wages…
What is the "real unemployment rate" that includes discouraged workers and the under-employed? The best national estimate, called U-6, was 17.5% in October, compared with the official national unemployment rate of 10.2%. That's about a 72% increase from the official rate. If we use that ratio and apply it to the County's official unemployment rate of 14%, then we get an estimate of approximately 24%. This figure does not include people who have seen cuts to their hourly wages…
