From the course: Economics for Everyone: Job Markets and the Economy
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Different measures of unemployment
From the course: Economics for Everyone: Job Markets and the Economy
Different measures of unemployment
- The official unemployment rate, doesn't tell the whole story when it comes to the labor market. In fact, there are a number of different ways that you can gauge the health or weakness of the job market. In most countries, there's only one unemployment rate. But in the United States there are actually six different measures, of what the Bureau of Labor Statistics calls Labor Market under utilization. They run a gamut from the U one, to the U six. U one is the narrowest definition of unemployment, and it shows longterm unemployment or how many people have been unemployed for 15 weeks or longer. The U six is the broadest definition of unemployment and includes underemployment or people who are part time for economic reasons, and can't get full time jobs. In short it shows the maximum weakness in the labor market. The official number though is the U three it's in between the you one and the U six, and the U three is the…
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