Is the Real Unemployment Rate 22.6%?

"Jobless claims are down and hiring is up by recent measures, but some economists say the American unemployment picture is far bleaker than those numbers indicate. "

"As reported Friday, U.S. unemployment rate fell to its lowest level in 32 months in November with unemployment hitting 8.6%, falling below 9% for the first time in six months, the Labor Department said."

"But if all discouraged workers are included, the 8.6% figure rises. Including “marginally attached workers” – those who are discouraged – was 15.6% in November, according to government data. John Williams, a statistician and economist, says the real unemployment figure including all discouraged workers who stopped looking for work is closer to a staggering 22.6% — nearly a quarter of the potential workforce. Since 1994, the government data defines discouraged workers as those who have been looking for work within the last year."

"The supply/demand rate stands at 3.53, indicating there were 3.5 unemployed people for every online job opening in October. Nationally, there are 10 million more unemployed than there are advertised openings, according to the Conference Board."