Finance

Why the real unemployment rate is likely over 11%

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People wait in their cars as they line up to collect unemployment forms in Hialeah, Florida.

CHANDAN KHANNA/AFP via Getty Images

The official unemployment rate fell to 8.4% in August as businesses continued emerging from broad shutdowns imposed early in the coronavirus pandemic, the Bureau of Labor Statistics reported Friday.

That’s the lowest rate since unemployment exploded in April, to levels unseen since the Great Depression. It would also mean the official rate dipped below the peak seen during the country’s last downturn, known as the Great Recession. 

But the true rate in August is likely much higher than the official figure — perhaps even exceeding 11%, according to labor…



Source cnbc.com

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