The unemployment numbers are worse than we’re being told. They told us that there were 651,000 new unemployed people in February. Everyone is quoting that number, and while that’s bad, the truth is worse.
There were 851,000 jobs lost last month; a full 200,000 more than what is being reported. Thats’ 12.5 MILLION people out of work.
You’ll see that NONFARM PAYROLL EMPLOYMENT fell by 651,000, but read the second paragraph:
“The number of unemployed persons increased by 851,000 to 12.5 million in February, and the unemployment rate rose to 8.1 percent.”
It seems like that could be a typo, but when you look at Table A, you see that it is 851,000.
Oh, and the REAL unemployment rate is not 8.1%. Try 14.8% (see for yourself).