Alternative measures of labor underutilization

{
  "id": "MLC-T-ECS-000061",
  "term": "Alternative measures of labor underutilization",
  "field": "Economic statistics",
  "definition": "Range of measures encompassing concepts both broader and narrower than the definition of \"unemployed.\"\n\nNote: The Bureau of Labor Statistics (BLS) publishes a range of indicators that point to the extent to which labor resources are being utilized. Known as U-1, U-2, and U-4 through U-6 (U-3 is the official unemployment rate), these alternative measures of labor underutilization provide insight into a broad range of problems workers encounter in today’s labor market. Similar to the official unemployment rate, the alternative measures are presented as a percentage of the labor force (adjusted as necessary). U-1 shows the number of individuals unemployed 15 weeks or longer as a percentage of the labor force, while U-2 presents job losers and people who completed temporary jobs as a percentage of the labor force. U-4 through U-6 are broader than U-1, U-2, and U-3. In addition to the total unemployed, U-4 adds discouraged workers; U-5 adds all people marginally attached to the labor force (which includes discouraged workers); and U-6 adds all people marginally attached to the labor force, plus people employed part time for economic reasons.",
  "references": [
    "BLS Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/alternative-measures-of-labor-underutilization/"
}