THE TRUTH ABOUT UNEMPLOYMENT
Unemployment Rate - U6
|2000 - 2012|
|Unemployment Rate - U6|
|2000 - 2012|
|Check U-1, U-2, U-3 (official), U-4, U-5 and U-6 unemployment rates in US|
|What is U6 unemployment rate ?|
The U6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts "marginally attached workers and those working part-time for economic reasons."
Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week.
And the "marginally attached workers" include those who have gotten discouraged and stopped looking, but still want to work.
The age considered for this calculation is 16 years and over
The Bureau of Labor Statistics measures employment and unemployment
(of those over 16 years of age) using two different labor force surveys
conducted by the United States Census Bureau (within the United States
Department of Commerce) and/or the Bureau of Labor Statistics (within
the United States Department of Labor) that gather employment statistics
monthly. The Current Population Survey (CPS), or "Household Survey",
conducts a survey based on a sample of 60,000 households. This Survey
measures the unemployment rate based on the ILO definition.
The data are also used to calculate 5 alternate measures of unemployment as a percentage of the labor force based on different definitions noted as U1 through U6:
Who is counted as unemployed?
Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work. Actively looking for work may consist of any of the following activities:
Who is not in the labor force?
Labor force measures are based on the civilian noninstitutional population 16 years old and over. Excluded are persons under 16 years of age, all persons confined to institutions such as nursing homes and prisons, and persons on active duty in the Armed Forces. The labor force is made up of the employed and the unemployed. The remainder—those who have no job and are not looking for one—are counted as "not in the labor force." Many who are not in the labor force are going to school or are retired. Family responsibilities keep others out of the labor force.
|Source : U.S. Bureau of Labor Statistics|