The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
Labor Dept: Available Labor Rate Increases To 10.2% -- In what is being touted by the Labor Department as extremely positive news, the nation's available labor rate has reached double digits for the first time in 26 years, bringing the total number of potentially employable Americans to an impressive 15.7 million.
"This is such an exciting time to be an employer in America," said Labor Secretary Hilda Solis, adding that every single day 6,500 more citizens join America's growing possible workforce. "There's such a massive and diverse pool of job-ready Americans to choose from. And each month the number only gets higher." ...
Though Labor sources said the new figures were encouraging, officials were quick to point out that the exact number of those now possessing the capacity to be offered work someday is actually much higher.
"Our findings don't take into account all the men and women who are available for work but haven't applied for a job in the last month," Solis said. "That's another 2.4 million Americans out there who can proudly say they wake up every day, get their kids ready for school, and then sit in their living rooms praying for the phone to ring." ...