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I tried unsuccessfully to tune out Fox News blaring in the diner where I had breakfast yesterday. With some characteristic outrage, host Megyn Kelly reported that the 9.5% unemployment rate does not even include those people who have been jobless so long they've exhausted unemployment benefits--an error repeated minutes later by a FOX economic correspondent. One could argue from many angles that 9.5% underestimates the number of jobless, but the figure has nothing to do with the number of people collecting unemployment. Read on for a brief outline of the methodology the Department of Labor uses to calculate the unemployment rate. Read More
