- U1: Percentage of labor force unemployed 15 weeks or longer.
- U2: Percentage of labor force who lost jobs or completed temporary work.
- U3: Official unemployment rate per ILO definition.
- U4: U3 + "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
- U5: U4 + other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently.
- U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons.
Tuesday, August 11, 2009
From the Bureau of Labor Statistics, this is how we calculate Unemployment... Note that U3 is the "official" number - which currently stands at 9.4%, however, this is at least in my opinion rather misleading. I fit into the U6 category... I am what you would call "underemployed", working part time when I was originally expecting full-time, and at a wage considerably less than I was anticipating, with virtually no way of increasing that in the near future.