If you’ve ever wondered why there seem to be so many under-employed and unemployed Vermonters despite the record low numbers – read on. Hint: it has to do with the difference between the “official” U-3 metric, and the more inclusive U-6 metric. True North explains.
"Despite the low unemployment, there are more potential workers out there for employers to seek than the report suggests. The U-3 metric for reporting unemployment is the official unemployment rate, but it counts only workers who are actively seeking employment. That statistic ignores part-time workers who would like full-time work, and it also excludes “discouraged” unemployed persons who have quit looking for a job. An alternative measure of unemployment, the U-6 rate, tells a different story. The U-6 rate counts both underemployed individuals and also discouraged unemployed persons who aren’t actively seeking a job."
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