Many people are probably not aware that the BLS isn't the only agency that makes surveys of unemployment levels. Gallup does too, and today it released a new report.
Gallup's underemployment measure hit 20.0% on March 15 -- up from 19.7% two weeks earlier and 19.5% at the start of the year...
Gallup classifies Americans as underemployed if they are unemployed or working part-time but wanting full-time work. On March 15, Gallup's unemployment rate was 10.3% -- essentially the same as the 10.4% of March 1, but down from 10.8% in mid-February. However, this decline in the percentage of unemployed Americans was more than offset over the past 30 days by an increase in the percentage of those working part-time but wanting full-time work, from 9.0% in mid-February to 9.7% in mid-March.
Gallup's data suggest that while the U.S. unemployment rate has declined over the past month, the employment gains may be largely taking the form of new part-time jobs.
a shit sundae
That's the image when I read especially DOL/BLS statistics on labor. God. First up, before any policy, anywhere tries to increase the labor supply, I'm sorry, this entire agency's data methods needs to be completely overhauled and also put in real time.
Odds are they would need legislation to change a host of things but of all of the government stats publicly available, this is the one which is most hosed. And it's critical because a host of other policies are based on this data....how can one make sane policies (which of course is a joke, we have lobbyist written policies and bills) but still, how can one stand a chance with bad data?
Gallup's using the wrong definition of "underemployed"
"Gallup classifies Americans as underemployed if they are unemployed or working part-time but wanting full-time work. "
So the engineer that is now working full-time at WalMart is NOT considered UNDERemployed??
Or the college grad that is employed full time in a minimum wage job is NOT considered UNDERemployed??
Gallup's definition of underemployed is obviously wrong. If underemployment is 20% using Gallup's definition then what would it be - maybe 35% - using the correct definition.
And some clowns in Congress can say - with a straight face - there's a skills shortage!!!