U-1 through U-6: Grading of Unemployment
Here is a "grading" of the Unemployment rates ... from N. Gregory Mankiw's Principles of Macroeconomics textbook.
Notice that U-3 is the OFFICIAL RATE, the one quoted by the newspapers and politicians.
U-6 gives us a better picture of those who are not full-time employed but ready, willing, and able to work. That is, discouraged workers - those out of a job for 6 months or more - ARE included as well as marginally and part-time (under) employed.
Part time workers increased to 6.7 million and discouraged/marginal workers increased to 1.6 million. Added to the 10.08 million unemployed gives about 18.4 million in U-6. That is rate of 11.8%. (Source BLS) The number is up from 10.7% in August and 11% in September New Source (pan down to the bottom, Table A-12).
To find the "Establishment Data" survey, that is the payroll employment data, click here. 138.8 million on the non-farm payrolls.
Notice that U-3 is the OFFICIAL RATE, the one quoted by the newspapers and politicians.
U-6 gives us a better picture of those who are not full-time employed but ready, willing, and able to work. That is, discouraged workers - those out of a job for 6 months or more - ARE included as well as marginally and part-time (under) employed.
Part time workers increased to 6.7 million and discouraged/marginal workers increased to 1.6 million. Added to the 10.08 million unemployed gives about 18.4 million in U-6. That is rate of 11.8%. (Source BLS) The number is up from 10.7% in August and 11% in September New Source (pan down to the bottom, Table A-12).
To find the "Establishment Data" survey, that is the payroll employment data, click here. 138.8 million on the non-farm payrolls.
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