Tags: Steve Beaman | jobless rate | 15 | percent

Economist Steve Beaman: Jobless Rate Really About 15 Percent or 'Much Worse'

By    |   Thursday, 05 February 2015 03:06 PM

The unemployment rate may have registered a six-year low of 5.6 percent in December, but it doesn't reflect the true state of the labor market, Steve Beaman, chairman of the Society to Advance Financial Education, told Newsmax TV.

"Anyone that follows the economy knows we're more like 15 percent in current unemployment, and structurally we're actually much worse," he said on the network's "MidPoint" program.

"Gallup's numbers show that only about 44 percent of the above-18 population is actually working a full-time job right now, and that's well below where we need to be," Beaman said.

Story continues below video.




Note: Watch Newsmax TV now on DIRECTV Ch. 349 and DISH Ch. 223
Get Newsmax TV on your cable system – Click Here Now

Part-time workers count as employed in the government numbers.

"Say you're an engineer, you went to school, you got your master's degree and you got laid off from Lockheed Martin," Beaman said. "Now you work for 10 hours or 15 hours a week at McDonald's. You're considered employed in those numbers."

In addition, once unemployed people can no longer receive unemployment compensation, they're not included as part of the work force, he explained.

So "we get closer to 15 percent, and demographically it depends which group you're looking at," he said.

Among African-Americans in urban areas, the jobless rate is near 50 percent.

"These numbers are not good, and it gets to the point about why Americans don't really feel good about this recovery," Beaman said.

Economists expect the official jobless rate to again register 5.6 percent in the January report to be released Friday.

Related Stories:

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
Finance
The unemployment rate may have registered a six-year low of 5.6 percent in December, but it doesn't reflect the true state of the labor market, Steve Beaman, chairman of the Society to Advance Financial Education, told Newsmax TV.
Steve Beaman, jobless rate, 15, percent
302
2015-06-05
Thursday, 05 February 2015 03:06 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved