Economy

Understanding the ‘true’ unemployment rate

By Joseph Lawler
Published May 23, 2014 12:27pm ET
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Understanding the ‘true’ unemployment rate
The Labor Department's jobs report disappointed for a second consecutive month Friday, bringing the news that the U.S. created just 113,000 jobs in January, as the unemployment rate fell to 6.6 percent. | crossstudio

The labor market is weaker than the unemployment rate suggests. Just how much weaker, however, is a subject of debate.

The official unemployment rate has fallen fairly steeply over the past year, from 7.5 to 6.3 percent.

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Federal Reserve Jobs Joseph Lawler Labor PennAve Unemployment