What the US Unemployment Rate Does Not Tell You

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How healthy is the US job market? The Bureau of Labor Statistics (BLS) released its latest jobs report on Friday, showing the United States added disappointing 194,000 jobs last month while announcing that the official unemployment rate fell to 4.8 %, the lowest since its frightening rise to 14.7. % when the Covid-19 pandemic first hit the United States.

The numbers seem somehow disconnected, and for some, September’s overall figure is woefully misleading, as it is every month. What if the “real” unemployment rate was actually closer to 22%?

Global unemployment rate

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Source: US Bureau of Labor Statistics – Labor Force Statistics from the Current Population Survey. Data is seasonally adjusted.

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