Earlier this year, I did a blog entry asking whether the official unemployment numbers were telling us the truth. The figures don't take into account discouraged job seekers, people who have looked for work in the past year but who have stopped searching in the past month because of barriers to employment such as child care, poor health or lack of transportation, and "involuntary part time workers" who are underemployed.
Now the Detroit News reports that while the official unemployment rate in America's automotive heartland is 27%, the real number is probably closer to 50%. Put another way, it means that half of Detroit's workers are unemployed.
This sort of double game with the numbers is being played in cities right across America. And ultimately, it means it will take many years before unemployment is reduced to an acceptable level.
And in the meantime, Wall Street continues to rally.
no comment untill now