The Bureau of Labor Statistics (BLS) has published their unemployment numbers for February 2014, stating the official unemployment rate increased to 6.7% from January’s figure of 6.6%. And, as of February 28, 2014, based on a separate monthly survey of “households,” there were 10.5 million unemployed persons.
However, as we not each month, these BLS figures do NOT reflect real unemployment, because they do not include:
- Marginally attached workers are workers who “while wanting and available for jobs, have not searched for work in the past four weeks but have searched for work in the past twelve months.” Currently included among them are 0.8 million discouraged workers who did not look for work specifically because “they believe there are no jobs available or none for which they would qualify.”
- Underemployed workers cannot find full-time jobs or have had their hours cut back.
In February 2014, the number of Real Unemployed Persons decreased by 137,000 to 19.9 million and the Real Unemployment Rate decreased by 0.1% to 12.6%.
NOTE: In addition to the total 19.9 million Real Unemployed Persons at February 28, there were another 3.8 million persons who, while also saying they want jobs, have not looked for work in the past twelve months. Because they haven’t looked, these persons are not included among marginally attached workers; if they are included, then February’s Real Unemployment Rate of 12.6% increases to 14.7%.