Harsh Realities: 85K Jobs Lost in December, "Real" Unemployment Rate at 17.3% Beyond Friday's lackluster headline payroll figures, the "real" unemployment rate (or U6) rose to 17.3% and the average hourly work week remained near record lows at 33.2. In addition, the average duration of unemployment rose to 29.1 weeks as the ranks of the long-term (or "permanently") unemployed continue to swell. Furthermore, the household survey showed a decline of 589,000 employed persons to the lowest level since 2003, according to Miller Tabak. In sum, fewer people are working, more Americans are dropping out of the labor pool and those who are working are working fewer hours: Average hourly earnings up just 2.2% vs. a year ago in December, lowest rate since 2004 and vs. an average gain of 3.3% over the prior decade, according to Miller Tabak. http://finance.yahoo.com/tech-ticke...n-December,-"Real"-Unemployment-Rate-at-17.3%
Yep unemployment is a big lagging indicator of a recession. It is stabilising though by the looks of things. 17.3 people is a lot of people out of work. And a big drain on the welfare system. I really hope it starts decreasing soon and things can get better.