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My Two Cents

An 8.4% Unemployment Rate?

Chris Farrell Sep 7, 2007

The headlines note that the unemployment rate was unchanged at 4.6%.

Still, by some other measures published by the Department of Labor, the unempoyment rate is higher than that. Indeed, by the government statistician’s broadest measure, the total unemployment rate is 8.4%.

Here are the three main alternatives to the official, baseline unemployment rate of 4.6%,

1) Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers: 4.9%

2) Total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers: 5.5%

3) Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers: 8.4%

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