To: Think4Yourself who wrote (223205 ) 10/2/2009 11:01:07 AM From: MulhollandDrive Respond to of 306849 but quickly realized I really want to understand how the universe actually works, or at least how our pitifully small corner of the universe works. or you could just practice yoga...or even TM ommmmmmmmmm.... :) see, look here, galt going is all the rage, fcuk pulling the wagon, everyone IN the wagon! Oct. 2 (Bloomberg) -- Unemployment in the U.S. is probably higher than September’s 9.8 percent rate reported by the Labor Department today because the number of people looking for work is declining, economist John Silvia said.“People are just disappearing,” Silvia, 61, chief economist at Wells Fargo Securities in Charlotte, North Carolina, said today in a Bloomberg radio interview. “Discouraged workers go up. Marginal workers go up.” The 263,000 jobs lost last month brought the total since the recession began in December 2007 to 7.2 million -- the most since the Great Depression.The so-called participation rate, which represents the proportion of the population the workforce, declined to 65.2 percent in September, the lowest level since May 1986, from 65.5 percent in August. “The reason the unemployment rate is not going up faster is because you have a lot off people dropping out,” said Silvia, a former congressional economist. “People are unemployed for a longer period of time and those who are employed are having a tougher time bringing home money,” Silvia said. “There are a lot of people very far out on the margin.” Moreover, many businesses are “not willing to hire part-time workers,” he said. Gross domestic product is forecast to show annualized growth of 2.9 percent rate for the third quarter, according to a monthly survey of economists by Bloomberg News. They projected fourth-quarter growth of 2.2 percent. “The pace of economic recovery is below what I thought equity markets have discounted two weeks ago or a month ago,” Silvia said. “A lot of people were looking for a V-shaped recovery. They are going to get something less than that.” (In the U.S., hear Bloomberg Radio on satellite radio: Sirius Channel 130 and XM Channel 129. In New York City, tune to WBBR 1130 on the AM dial.) To contact the reporters on this story: Vincent Del Giudice in Washington vdelgiudice@bloomberg.net; Thomas R. Keene in New York tkeene@bloomberg.net.bloomberg.com