Last week's corporate media meme was the drop of .2% in the unemployment rate. The rate drop was caused by people becoming detached from the labor market. "Those not in the labor market" increased by 291,000. Nevertheless the news powered a rise in the dollar index and a sharp drop in gold prices. At 10% the official rate is grim enough, but if you look at U-6 [last line], the broadest official measure of no and under employment, the picture is even worse. U-6 counts people with part-time jobs because of economic reasons, people who want a job but are discouraged, and people whose unemployment benefits have stopped and have fallen off the roles. This statistic is much closer to what it feels like to Joe Sixpac. U-6 is at 17.2% and slated to rise into 2011. Hard times are definitely here.[chart: Mike Shedlock @ www.marketoracle.com]