As anyone with two functioning brain cells surely knew already, the “official” unemployment figure — just like the “official” CPI inflation figure — is a farce.
No. Scrap that.
A deliberate deception.
From the Daily Telegraph:
REAL unemployment is double the official figure – with 13 per cent of Australia’s workforce wanting a job or longer hours.
The Australian Bureau of Statistics (ABS) yesterday released a new analysis that combines the official unemployment rate with “discouraged” jobseekers, the “underemployed” and those who want to start work within a month, but cannot begin immediately.
The 13.1 per cent rate of “extended labour force under-utilisation” in August 2012 was more than double the official unemployment rate at the time of 5 per cent.
But the new measure also counts underemployment – workers in part-time or casual positions who want a permanent job or longer hours.
And it includes those “discouraged” jobseekers who want to work but have given up looking because employers consider them to be too old or too young, if they are ill or disabled, lack the necessary training or experience, cannot find a job locally or in their line of work, or cannot speak English well.
The ABS report shows the labour under-utilisation rate fell steadily between 2001 and 2008 but “increased sharply” when the global financial crisis hit in 2009, from 10.6 per cent to 14.3 per cent.
The ABS report said the under-utilisation rate gave a “more comprehensive picture” of the state of Australia’s workforce than the pure jobless rate.
The “pure” jobless rate?!?! One (1) hour a week is not “jobless”?? You’re kidding, right?!
More at the link.
This revelation is so patently obvious, that my only response is a question.
Any particular reason why you have chosen to admit this now?