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Unemployed Advice and Help What is Unemployment?
When you are out of work you know exactly what unemployment means but what do the unemployment rates quoted in the media mean? The rate most often quoted in the USA is known as the U-3 rate with another statistic, the U6 rate, sometimes quoted in comparison. The difference between the two rates is very significant. As of March 2010 the U-3 rate was 9.7% compared to the U-6 rate of 16.9%. So are you a U-3 person, a U-6 or something else altogether?
If you are receiving unemployment insurance benefits you are included the U-3 unemployment rate. If you are not receiving UI benefits, then you may or may not be counted in the U-6 rate.
The BLS' U-3 rate conforms to the stricter ILO definition of unemployment. As defined by the International Labour Organization:
The US Bureau of Labor Statistics defines U-6 as:
Some view even the U-6 rate to understate the real unemployment situation. A proportion of the "economically inactive" need to be counted as well.
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