US Government Undercounted Unemployment Rate
The US government has undercounted the number of unemployed workers in the country in the second quarter of 2009, a new data from the Labor Department showed on Wednesday.
Analysts said that there could be more than 500, 000 more people who actually lost their jobs during the period.
A new data released by the US Labor Department on Wednesday showed that the overall tally of unemployed Americans during the second quarter of 2009 was undercounted, suggesting a deliberate effort by the government to cover up the real score.
Based on the Labor Department’s Quarterly Census of Employment and Wages, the number of Americans who were employed during the period of April to June 2009 has dropped by some 5.1 percent.
Earlier reports by the government said that the number has dropped by only 4.1 percent during the second quarter of 2009, citing the recent survey conducted to some 160, 000 companies in the US. But the new data, which was based on the figures of unemployment insurance tax records submitted by employers, have given analysts a clearer picture of the economic situation.
“The government has overcounted jobs during the period and the new data suggest that there were at least some 500, 000 more jobs lost in April to June of 2009,” a Wall Street analyst said in an interview.
Also, the Labor Department said that it will do major revisions on the employment records before it will release its January figures on the first of February. The agency, in its estimates, said that employment in March 2009 will be revised to some 824, 000 more.
According to analysts, the US government continued to overcount people who have lost their jobs during the second quarter of 2009. But they said that the revision will show more adjustments when the Labor Dept. release its figures in February.
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