Quote from bearice:
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In Feb. 2009, the financial institution Merrill Lynch announced that the nationâs actual unemployment rate had reached 13.9 percent. A year later, that number had risen to 17.3 percent. This figure represents Americans who have been laid off from full-time positions and are now working part-time, as well as those who have simply stopped looking for work, and workers whose unemployment benefits have run out.
The official unemployment figure given monthly by the U.S. Bureau of Labor Statistics is now listed around 10 percent, but represents only those Americans currently receiving unemployment checks, and is not truly indicative of the dire employment situation now facing the U.S.
In 1931, the second full year of the Great Depression, the average rate of unemployment was 16.3 percent, with U.S. unemployment peaking at 25 percent in 1933. We now sit in between those two disastrous figures, with an ever-worsening economy.