The U.S. Labor Department said Thursday that the unemployment rate was 5.3 percent in June—but does that rate tell the real story?
A number of economists look past the "main" unemployment rate to a different figure the Bureau of Labor Statistics calls "U-6," which it defines as "total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers."
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In other words, the unemployed, the underemployed and the discouraged—a rate that still remains high.
The U-6 rate fell in June to 10.5 percent, the lowest it's been since July 2008.
The trend in U-6 has been somewhat more volatile than in the main unemployment rate as well. The U-6 rate is down 150 basis points over the last year, versus a 80 basis point decline in the main rate (also known as U-3).
The U-6 rate has held firm in the double digits since June 2008. It most recently peaked at 17.1 percent in April 2010.
Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2005 | 9.3 | 9.3 | 9.1 | 8.9 | 8.9 | 9 | 8.8 | 8.9 | 9 | 8.7 | 8.7 | 8.6 |
2006 | 8.4 | 8.4 | 8.2 | 8.1 | 8.2 | 8.4 | 8.5 | 8.4 | 8 | 8.2 | 8.1 | 7.9 |
2007 | 8.4 | 8.2 | 8 | 8.2 | 8.2 | 8.3 | 8.4 | 8.4 | 8.4 | 8.4 | 8.4 | 8.8 |
2008 | 9.2 | 9 | 9.1 | 9.2 | 9.7 | 10.1 | 10.5 | 10.8 | 11 | 11.8 | 12.6 | 13.6 |
2009 | 14.2 | 15.2 | 15.8 | 15.9 | 16.5 | 16.5 | 16.4 | 16.7 | 16.7 | 17.1 | 17.1 | 17.1 |
2010 | 16.7 | 17 | 17.1 | 17.1 | 16.6 | 16.4 | 16.4 | 16.5 | 16.8 | 16.6 | 16.9 | 16.6 |
2011 | 16.2 | 16 | 15.9 | 16.1 | 15.8 | 16.1 | 15.9 | 16.1 | 16.3 | 15.8 | 15.5 | 15.2 |
2012 | 15.2 | 15 | 14.5 | 14.6 | 14.8 | 14.8 | 14.8 | 14.6 | 14.7 | 14.4 | 14.4 | 14.4 |
2013 | 14.5 | 14.3 | 13.8 | 14 | 13.8 | 14.2 | 13.8 | 13.6 | 13.6 | 13.7 | 13.1 | 13.1 |
2014 | 12.7 | 12.6 | 12.6 | 12.3 | 12.1 | 12 | 12.2 | 12 | 11.7 | 11.5 | 11.4 | 11.2 |
2015 | 11.3 | 11 | 10.9 | 10.8 | 10.8 | 10.5 |