I may as well admit that I’m not that pessimistic about the economy and regard this as genuinely good news:
The American economy lost 247,000 jobs in July, and in a reversal, the unemployment rate fell slightly, to 9.4 percent, the government reported Friday.
Although businesses are expected to keep cutting jobs through the rest of the year, the Labor Department’s latest figures offered some faint signs that the sinking job market was approaching bottom.
I’m referring to the job loss numbers which were much better than expected, not the unemployment rate, which seems like nonsense to me.
I’m sure that econobloggers have discussed this ad nauseam, but I’m too lazy to dig it up, so let me ask: isn’t there a better measure of unemployment we could use? This one seems like garbage to me.
Update. The answer seems to be that we should look at U-6 instead of U-3. Why don’t papers report U-6?