Question
Asked Nov 9, 2019
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  1. List and explain the various unemployment rates used by the BLS, and indicate which one of the 6 is the official unemployment rate.
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Expert Answer

Step 1

The Bureau of Labor Statistics (BLS) measures unemployment rates in six categories, they are;

  1. U-1 Unemployment rate: The percentage of population who are unemployed for 15 weeks or above will included in the category, which can be calculated as follows:
Number of unemployedi5 week or more
U-Unemployment rate
-x100
Labor force
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Number of unemployedi5 week or more U-Unemployment rate -x100 Labor force

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Step 2

2. U-2 Unemployment rate: The percentage of population who are currently unemployed or have finished a temporary job are included in the category, which can be calculated as follows:

Number of currently unemployed
U-2 Unemployment rate =
x100
Labor force
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Number of currently unemployed U-2 Unemployment rate = x100 Labor force

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Step 3

3. U-3 Unemployment rate: Those people who are willing and able to work at the existing market wage rate, but do not possess ...

Total unemployed
U-3 Unemployment rate =
x100
Labor force
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Total unemployed U-3 Unemployment rate = x100 Labor force

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