Employment data for January was released last week, and the numbers showed a significant increase for Southborough. Our unemployment rate in January was 7.8%, compared to 6.5% in December. It’s the highest unemployment rate Southborough has seen in at least twenty years.
The unemployment rate also increased across the state, jumping from 9.1% in December to 10.4% in January. Nationally unemployment rose from 9.7% in December to 10.6% in January.
Although the “unemployment rate” in January was reported at 7.8%, isn’t there some body of knowledge that would indicate that in fact approximately 18% is the true unemployment rate?
Can someone tell me if I am wrong in this?
Thanks.