Monday, March 6, 2017

FRED® Blog — What is unemployment? There is more to it than not working

What is unemployment? To answer this question first requires a few definitions. A person is considered unemployed if he or she is actively seeking work and willing to take work here and now. It is therefore not sufficient to simply not be working. But this definition of unemployment does necessarily define (1) whether someone who is underemployed should be counted as well or (2) how intensely someone must search for a job to qualify as unemployed. For this reason, the Bureau of Labor Statistics provides different unemployment rates, graphed above. These are commonly called U-1 through U-6....
The FRED® Blog
What is unemployment? There is more to it than not working

1 comment:

Ignacio said...

They should send this to the top brats at the FED...

Looks like a more realistic real unemployment rate.