Yesterday the Bureau of Labor Statistics reported that the nation’s economy lost 533,000 jobs last month, one of the worst jobs reports ever. With that, the unemployment rate rose to 6.7 percent. But the actual percentage of Americans who have lost hours and are out of work is much higher:
More significantly, the unemployment rate does not include those too discouraged to look for work any longer or those working fewer hours than they would like. Add those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September.