The Real Picture of Employment in America: 17.5% Unemployed or Underemployed

On Friday, the Labor Department revealed the latest jobs report and the picture was not pretty. Their broadest measure of unemployment and underemployment has reached its highest level in decades, and if their statistics went back so far, it would most certainly be at its highest level since the Great Depression.

One out of every six workers, or 17.5%, were unemployed or underemployed in October 2009. The previous record high was set in December 1982 at 17.1%. WIthout an end in site to our economic woes, the figures could go even higher in the coming months.

That 17.5% figure includes the officiall unemployed, which are those who have looked for work in the last four weeks. It also includes discouraged workers who have looked in the past year, and millions of part-time workers wanting to be full-time.

The official jobless rate is at 10.2% for October, and remains lower than the early 80's peak at 10.8%. But again, this latest figure continues the upward trend, and isup from 9.8% in September 2009. It is highest in those states which had big housing bubles, such as Arizona and California, and those with large manufacturing sectors, including Ohio, South Carolina, Rhode Island, and Oregon.

With this news on Friday, President Barack Obama signed a bill to extend unemployment benefits and a tax credit for home buyers. He also said that he was looking into more ways to enact more stimulus.

Now, nearly 16 million people are unemployed in the U.S., and more the seven million jobs have been lost since late 2007.