By now we've all seen this story.
(AP) -- The nation's unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs.
That's pretty bad, but would you believe that the real numbers are actually worse?
For instance, when you look at the official BLS report you discover that the headline 8.5% unemployment rate is actually seasonally adjusted. The real, non-adjusted unemployment rate is 9.0%
It gets worse. The number of people no longer counted as in the labor force increased by 339,000 in the past month (seasonally adjusted).
The number of people "marginally attached" to the workforce (i.e. no longer counted) is now 2.1 million. That's 754,000 more than a year ago (not seasonally adjusted).
Plus, the January unemployment numbers were revised to add another 86,000 victims on top of the already awful stats.
And speaking of adding numbers, the BLS's birth/death model added 114,000 fictional jobs to last month's numbers just so that they don't look so bad.