Monday, October 26, 2009
True Jobless Rate Hits 21.9 Percent
Business Robert Gammon — Mon, Oct 26, 2009 at 9:50 AM
California's underemployment rate reached 21.9 percent last month, the highest since the state began tracking the numbers of people who are working part time or have stopped seeking employment. The underemployment rate is increasingly recognized by economists as the true measure of joblessness and a better economic indicator than the traditional unemployment rate. According to the Chron, the state's underemployment rate includes 1.4 million part-time workers and 865,000 people who have given up hope of finding jobs, along with the 1.4 million people who are trying to find employment.
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