Unemployment drops to 7.6 percent in March
Unemployment declined to 7.6 percent in March, according to the Bureau of Labor Statistics. Total unemployment, including marginally attached workers, declined to 13.8 percent.
Unemployment fell to 7.6 percent in March, according to the latest Employment Situation Report from the Bureau of Labor Statistics.
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罢辞诲补测鈥檚听聽showed that in聽March 鈥渢otal unemployment鈥� including all marginally attached workers declined notably to 13.8% while the traditionally reported unemployment rate also聽trended down to 7.6%.
The traditional unemployment rate is calculated from the monthly household survey results using a fairly explicit definition of 鈥渦nemployed鈥� (essentially unemployed and currently looking for full time employment) leaving many workers to be considered effectively 鈥渙n the margin鈥� either employed in part time work when full time is preferred or simply unemployed and no longer looking for work.
The Bureau of Labor Statistics considers 鈥渕arginally attached鈥� workers (including discouraged workers) and persons who have settled for part time employment to be 鈥渦nderutilized鈥� labor.
The broadest view of unemployment would include both traditionally unemployed workers and all other underutilized workers.
To calculate the 鈥渢otal鈥� rate of unemployment we would simply use this larger group rather than the smaller and more restrictive 鈥渦nemployed鈥� group used in the traditional unemployment rate calculation.