Underemployment: The Reality

The worst kept secret in metric-driven analysis of unemployment figures is that a broader, more commonsensical definition of “joblessness” means the real rate of unemployment, when one includes underemployment, effectively doubles the figures normally reported. The New York Times today highlights this difference with its front-page article, Part-Time Workers Mask Unemployment Woes.

How bad is it out there? For perspective, take an gander at the superb NYT interactive national map: Broad Unemployment Across the U.S. Hover your mouse over the state of choice to get quick figures. For example, “I.O.U” California has an official unemployment rate of 11%, among the worst in the nation, but the broader definition of joblessness kicks the rate up to 20%.