Why The Real US Unemployment Rate Is Likely Over 11%?

• The official US unemployment rate fell to 8.4% in August as businesses continued emerging from broad shutdowns imposed early in the coronavirus pandemic, the Bureau of Labour Statistics reported Friday.
• That’s the lowest rate since unemployment exploded in April, to levels unseen since the Great Depression. It would also mean the official rate dipped below the peak seen during the country’s last downturn, known as the Great Recession. 
• But the true rate in August is likely much higher than the official figure — perhaps even exceeding 11%, according to labor economists. That would mean the country is still in the throes of an unemployment crisis worse than at any time in the post-Second World War era.  

(Source: CNBC)