The U.S. private sector lost 697,000 jobs in February. The official unemployment rate is 8.1%. That's a 25-year high.
The Bureau of Labor Statistics reported 7 states with unemployment above 10% as of February and calculated using U-3. U-6 is more accurate. It reflects those who would like full-time work, but only have a part-time job or have given up looking for work.
- Michigan: 12.5 %
- Rhode Island: 11.4 %
- South Carolina: 10.9 %
- Oregon: 10.9 %
- California: 10.6%
- North Carolina: 10.3%
- Nevada: 10.2%
The U-6 calculation would put these states at double or worse the U-3 rate. Not only that, but as we pointed out in previous posts, the way even U-6 is calculated was changed under the Clinton administration to make the number seem lower than it actually is.
We really don't know how high the rate was at the worst point during the Great Depression. The number used of 25% was for non-farm workers only. Those were the Dust Bowl years too. Many farmers lost their livings and farms.