Underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, surged to 18.7% in January. This is a worsening from the 18.3% of December......U.S. unemployment, as measured by Gallup without seasonal adjustment, increased slightly to 8.6% in January from 8.5% in December...
...Regardless of what the government reports, Gallup's unemployment and underemployment measures show deterioration since mid-January. While the unemployment rate of 8.6% for January is up only modestly from December, this overall increase subsumes the more negative trend of the most recent weeks. In turn, this also seems consistent with Wednesday's ADP report showing less job growth in January than in the prior month.
In fact, the only group showing the employment situation improving in January was the BLS. And it had to remove 1.2 million Americans from the labor force to do so.
Here's a helpful hint for the CFO of Gallup: I predict a major audit by the IRS is in your future.
Hat tips: I Hate the Media and BadBlue.
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