U3, the official unemployment rate, is an inadequate gauge of labor-market slack and the extent to which it misinforms … varies substantially over the business cycle. The U6 unemployment rate is usually about 4 percentage points above U3. However …

The official unemployment rate has become an inadequate measure of labor market conditions. This poses a major … unemployment rate by weighing part-time workers with 62.5%, the proportion of the time they work relative to full-time workers. We … provide new monthly estimates of the unemployment rate for the period 1994-2019 and find that their average during this 25 …

The official U.S. unemployment rate is an inadequate measure of actual labor market conditions. This poses a major … challenge for researchers and confuses both the public and policy makers. A new definition of unemployment is proposed. It … unemployed. We find that the actual unemployment rate in May 2020 was 24.4% or 183% of the headline rate of 13.3%. …