Business Report - 5/27/15: The alternate measures of unemployment

Business Report - 5/27/15: The alternate measures of unemployment

HONOLULU (HawaiiNewsNow) - In terms of unemployment, there are always reports of a singular number to represent the unemployment rate in the United States.

But there are other numbers that compare the official measure of unemployment with several other measures that the government also does.

There are six different measures.

U-1 is people unemployed 15 weeks or longer. For the 12 months through the end of winter, in Hawaii that was 1.6%.

U-2 is all the people that lost jobs and those finishing temporary jobs, which was at 1.8%.

U-3 is the official unemployment rate, and that ended at 4.3%.

U-4 is all that plus discouraged workers who have given up looking for work and left the workforce. In Hawaii over 12 months to April, that was 4.6%.

U-5 is all that plus marginally attached workers who don't look for work every week but they're still interested in working, and that was at 5.5%.

And U-6, which is all that plus people who ARE working but only working part-time when they need full-time. their rate was at 10.4%.

For every person who's officially unemployed, there's someone else who's working but needs more hours.

Copyright 2015. Hawaii News Now. All Rights Reserved.