Roach: Jobless Rate Actually Stands at 11.5%
The true unemployment rate in the United States is actually higher than we think -- at 11.5 percent, said Stephen Roach, Asia chairman of Morgan Stanley.
"The (official) unemployment rate at 9.7 percent is distorted downwards by at least 3 million people who have simply given up looking for work and who have effectively taken themselves out of the work force for economic reasons," Roach said on CNBC.
