01/06/2009 05:12 am ET | Updated May 25, 2011

NY Times: Grim Job Report Not Showing Full Picture

As bad as the headline numbers in Friday's employment report were, they still made the job market look better than it really is.

The unemployment rate reached its highest point since 1993, and overall employment fell by more than a half million jobs. Yet that was just the beginning. Thanks to the vagaries of the way that the government's best-known jobs statistics are calculated, they have overlooked many workers who have been deeply affected by the current recession.

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