Why 14.7% unemployment doesn’t tell the whole story
The U.S. unemployment rate soared to 14.7% in April, but the headline unemployment number might not tell the whole story for how deeply the novel coronavirus has hurt the labor market.
The 14.7% figure comes from the BLS’s measurement known as “U-3 unemployment,” which presents the total amount of unemployed people as a percent of the civilian labor force.The BLS defines “unemployed people” as people who do not have a job but are currently looking for one. That definition presents unique challenges in capturing job loss among the millions of Americans who lost their jobs and still want one but are not actively searching.
The BLS has an alternate unemployment measure called “U-6 unemployment,” which adds marginally attached people and part-time workers to the base of unemployed workers. Both the U-3 and the U-6 unemployment rate could still understate the true unemployment rate because of a measurement error that may have defined furloughed workers as “employed.”
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