It’s important to understand the difference between the six different measures of unemployment.
- U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force;
- U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force;
- U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate);
- U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers;
- U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers; and
- U-6, 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.
The real unemployment is the U-6 unemployment rate.
The ‘Real’ U.S. Unemployment Rate Is the Lowest It’s Been Since 2007
The unemployment rate in March 2017 was 4.5 percent, down from 4.7 percent in February 2017, marking two straight months of job growth. For men 20 and older, the unemployment rate stayed at a constant 4.3 percent between February and March. Women aged 20 and older fared better, with the unemployment rate dropping from 4.3 percent to 4.0 percent.
