Total unemployment increases slightly

In May,  'total unemployment,' including all marginally attached workers, increased to 14.8 percent,  while the traditionally reported unemployment rate increased slightly to 8.2 percent.

|
SoldAtTheTop
This chart shows the rate of total unemployment over the past decade. Unemployment ticked up slightly in May.

Today’s Employment Situation report showed that in May “total unemployment” including all marginally attached workers increased to 14.8% while the traditionally reported unemployment rate increased slightly to 8.2%.

The traditional unemployment rate is calculated from the monthly household survey results using a fairly explicit definition of “unemployed” (essentially unemployed and currently looking for full time employment) leaving many workers to be considered effectively “on the margin” either employed in part time work when full time is preferred or simply unemployed and no longer looking for work.

The Bureau of Labor Statistics considers “marginally attached” workers (including discouraged workers) and persons who have settled for part time employment to be “underutilized” labor.

The broadest view of unemployment would include both traditionally unemployed workers and all other underutilized workers.

To calculate the “total” rate of unemployment we would simply use this larger group rather than the smaller and more restrictive “unemployed” group used in the traditional unemployment rate calculation.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
The Christian Science Monitor was founded in 1908 to lift the standard of journalism and uplift humanity. We aim to “speak the truth in love.” Our goal is not to tell you what to think, but to give you the essential knowledge and understanding to come to your own intelligent conclusions. Join us in this mission by subscribing.
QR Code to Total unemployment increases slightly
Read this article in
https://www.csmonitor.com/Business/Paper-Economy/2012/0602/Total-unemployment-increases-slightly
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe