U-6 Hits All Time Low
You would think this would get more press coverage, but U-6, which many consider the "real" unemployment rate, hit an all time low this past week.
To remind, the Bureau of Labor Statistics defines U-6 as "total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers."
That's a pretty impressive accomplishment, especially considering all the recession talk we're getting without the follow through data to back up such a conclusion, but that is the nature of media and our national conversation. It's the obverse of an old saying, where "Good news is no news. "
January 9, 2023