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Full article: ABC NEWS
… a growing chorus of economists and labor market analysts say the unemployment picture in the United States is actually far worse.
They argue that the Labor Department routinely undercounts the number of unemployed in this country, adding fuel to a simmering debate on whether the government is providing an accurate snapshot of the nation’s unemployment picture.
“Our gripe about the numbers is that it leaves out broad swaths of unemployed people in the country,” said Madeline Schnapp, director of macroeconomic research at TrimTabs, a Sausalito, Calif.-based investment research firm.
Like other economic observers, Schnapp argued that the Labor Department’s methodology is flawed because it’s based on surveys and polling and ignores “the real-time data available via analysis of withheld income and employment taxes.”
A TrimTabs report this week estimated that the U.S. economy actually lost 104,000 jobs in January, far more than what the government report shows today.
By TROY MCMULLEN
Feb. 5, 2010