According to a Merrill Lynch analyst, the actual unemployment rate, when taking into account those who are "underemployed," is actually 13.9%.
The analysis by was done by North American economist David Rosenberg. While the Bureau of Labor Statistics counts workers as fully employed even if they are working part-time, in reality, common sense should tell anyone that sort of number is not correct.
According to Rosenberg, the number who have been forced into part-time work has spiked nearly 70% in the past year.
When that is taken into account, "actual" unemployment has actually climbed to 13.9%, an all-time high for the period he studied, and up from 13.5% in December and 11.2% a year ago.
Even with full-time work, many workers have taken jobs that pay far less than their original careers. This study does not address that issue.
The only good fact produced by the study? Inflation is not much of a threat. Whoopee.
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