...you can be sure of one thing: Politicians will be quick to point out that joblessness remains low by historical standards. “Five percent is still a low unemployment rate,” Ed Lazear, the chairman of President Bush’s Council of Economic Advisers, said recently. “It’s below the average for the last three decades.”

The president and Senator John McCain also recently noted that unemployment remained low. Senators Judd Gregg of New Hampshire and Johnny Isakson of Georgia, both Republicans, have said the economy continues to be at “full employment.” Two Democratic governors, Christine Gregoire of Washington and Joe Manchin III of West Virginia, have bragged that their states recently recorded their lowest unemployment rates in history.

Statistically, all this is true enough. But it’s also deeply misleading.

Another flim-flam is the Fed's discontinuation of the reporting of M3. Given the misleading tactics and reporting it seems to me pretty obvious there is something to be concerned about on the economic front.

I believe (not 100% sure they still do this) they base the unemployment rate on the number of people collecting unemployment. So once the benefits run out, a person is not counted as unemployed.

I do not believe that is true kkcapricorn. If you are still actively searching for a job, you will be coded as unemployed even if you are not collecting unemployment insurance.

The problem is that there are a lot of jobless people who want a job, but they have stopped actively searching for one. So they are technique not "unemployed"--they are considered outside of the labor force.

I was unemployed - my benefits ran out and I took a pitiful job to try to pay the rent. In today's world $8.00ph Is WORSE than unemployed

The only thing keeping the bills paid is burning the income tax refund. Its dissappearing quickly.

But, JK how do they know who is actively seeking employment? Not everyone registers for work with the state agencies.
And I doubt they check private agencies, or people who seek work on-line. Then they would have to compare lists so they could eliminate duplicate names.
skwirl - best of luck in finding employment that affords a living wage.