Catherine Rampell rounds up some good charts on the state of the economy. And by "good," I mean "depressing, but visually attractive." The first comes from the Atlanta Federal Reserve and concerns part-time workers. There are two types of part-time workers -- those who don't want full-time jobs, and those who can't get them. This recession has seen an uncommon leap in the size of the latter group:
The part-time business gets to one of the many failings with the unemployment rate: It only counts a particular type of frustrated worker, those who are unemployed and looking for a new position. But what about the "marginally attached"? Workers who are unemployed and want work, but haven't actively searched in the past four weeks, possibly because they can't find any work and there are no new jobs in their area. They're not counted. Nor are the frustrated part-timers. The Cleveland Federal Reserve published a chart measuring unemployment, and then showing what happens when you add these two groups: Unemployment jumps from a shade beneath 10 percent to a bit beneath 18 percent, or almost a fifth of the population.
The unemployment rate, in other words, is not doing a very good job capturing the extent of employment-related misery. This recession is a lot worse than some of the measures indicate.
October 12, 2009; 5:42 PM ET
Categories: Charts and Graphs , Economy
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