While the stats may indicate the US unemployment continues to fall, and now rests at 7.6 percent, former Government employee Keith Hall, who once calculated US unemployment himself, claims that the real US unemployment rate is at 11% or higher. Keith Hall accuses the Obama administration of manipulating employment data to produce a lower number. Keith Hall did not, however, accuse the Government of outright fraud as other Republicans like Jack Welsh have done.
Keith Hall notes in an interview with New York Post’s John Crudele that while the official unemployment numbers sit at 7.6%, that only 58.7% of working-age Americans actually have jobs. This number is nearly 5% lower than the 63% of Americans with jobs in the mid-2000’s. This overall discrepancy in jobs suggests to Hall that more than 7.6% of Americans are currently unemployed. Hall states that a more accurate number of unemployed Americans is 11%.
Keith Hall’s doubt on the official unemployment rates in America mirrors that of several other government officials. Federal Reserve Chairman Ben Bernanke has hinted towards the fact that he too does not see the 7.6% number as valid.
The method in which the government creates its unemployment data has been scrutinized by several sources. Most importantly, the data only accounts for unemployed citizens who are still actively looking for work. If an unemployed person gives up on finding a job, they no longer count as unemployed.
The US economy continues its slow recovery from the housing-market crash nearly five years ago, but it is not back yet. While it may be easy to look at the stock market’s all-time highs this year and decide that everything is back to normal, it isn’t.