Update 2-6-12: John Williams released more unemployment rate details on KWNblog. Click here.
Accordingly, for purposes of Great Depression comparison, I would look at the estimated peak nonfarm unemployment rate in 1933 of 34% to 35%.
So, at 22.5% real unemployment, we are closer to historical Depression numbers than the government would have you believe. Do not be hood-winked by propaganda, know the real stats!
John Williams from shadowstats.com has come out with updated unemployment numbers. You pay for the detail, well worth it, but here is the summary:
- Basic Economic Outlook Unaltered by Stronger Labor Data
- January Jobs Reading Still at Levels of 11 Years Ago
- January Unemployment: 8.3% (U.3), 15.1% (U.6), 22.5% (SGS)
- Money Supply M3 Growth Is Picking Up