According to figures released by the Department of Labor, the real marker of American unemployment stands at 17.5 percent — a figure which takes into account under-employed workers and those who have not sought work in the last four weeks, according to a published report.
“If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression,” reporter David Leonhardt wrote in Friday’s edition of The New York Times.
The report continued: “In all, more than one out of every six workers — 17.5 percent — were unemployed or underemployed in October. The previous recorded high was 17.1 percent, in December 1982.”
While official unemployment statistics were not available during the Great Depression, Department of Labor economists working with the Times estimated that some 30 percent of the U.S. workforce was put out during that period, the report added.
President Barack Obama called the figures “sobering,” responding to widespread media accounts that placed the figure just over 10 percent, noting the department’s calculation of workers who are actively searching for jobs.
“To that end, my economic team is looking at ideas such as additional investments in our aging roads and bridges, incentives to create jobs and steps to increase the flow of credit to small businesses,” the president said.
Fred Dickson at DA Davidson & Co. said the report “continues to point to an economy that is struggling, but the picture is not nearly as dire as seen at the beginning of the year.”
“Slowly, the trajectory is improving, but, given the huge number of unemployed and underemployed, our view of a very slow economic recovery in 2010 and 2011 remains very much in place,” he added. “This report will not do much to encourage the Fed to raise rates anytime soon.”
The number of unemployed persons increased to 15.7 million. Since the start of the recession in December 2007, the number of unemployed has risen by 8.2 million, the Labor Department said.
The world’s largest economy grew at a seasonally adjusted 3.5 percent annual rate in the July-September period. The increase was the first since the second quarter of 2008.
For the US economic community, the recession will not be over until it is declared by a research panel, National Bureau of Economic Research, recognized as the official arbiter of business cycles.
President Obama on Friday signed a measure to extend unemployment benefits and enact a new tax credit for home buyers.
David Holmes’ opening statement to Congress directly implicated Donald Trump: report
Congress will hear first-hand testimony of President Donald Trump's involvement in the Ukraine scandal.
"David Holmes, the state department aide who overheard President Donald Trump's conversation with the US ambassador to the European Union Gordon Sondland, said that Sondland told Trump that the Ukranian President would do 'anything you ask him to,' and that he confirmed the Ukrainians were going to 'do the investigation,'" CNN reported Friday.
""Sondland told Trump that (Ukrainian President Volodymyr) Zelensky 'loves your ass,'" Holmes testified. "I then heard President Trump ask, 'So, he's gonna do the investigation?' Ambassador Sondland replied that 'he's gonna do it,' adding that President Zelensky will do 'anything you ask him to.'"
Putting ‘health of all species’ in danger: Trump EPA proposal guts restrictions on toxic herbicide linked to birth defects
"The pro-industry zealots now running the EPA's pesticide office are making a mockery of science and eliminating key safety measures, all for company profits."
Environmental and public health advocacy groups expressed alarm Friday after the Trump administration moved to increase the allowable level in U.S. waterways of a common herbicide linked to hermaphroditic amphibians and birth defects, cancer, and other harmful health effects in humans.
‘Rudy has got to be looking at handcuffs’: Ex-prosecutor says Giuliani will have a tough time in prison
Another Donald Trump attorney is looking at serving prison time, a former federal prosecutor predicted on MSNBC on Friday.
MSNBC "Meet the Press Daily" host Chuck Todd asked former federal prosecutor Glenn Kirschner if prosecutors would be tougher on Giuliania because he had once been a prosecutor himself.
"It’s tough to figure out, first of all, how Rudy is going to play it because based on what we’ve seen and particularly if [Lev] Parnas flips, Rudy has got to be looking at handcuffs sometime soon," Kirschner replied.
"And Chuck, what does he do? As a former U.S. Attorney, does he want to run the risk of ending up in the bureau of prisons where he will not find a lot of friends in the inmate population," he explained.