Confused About The Jobs Report? Ezra Klein, In The Washington Post, Shows You The Really Important Number, U 6. See For Yourself Below.
Which leads to another argument: That U6, the broadest measure of
labor-market pain, didn’t move, which should make us skeptical of the
fact that U3, the normal unemployment rate, did move. That’s just
misunderstanding what U6 is.
U6 is not an unemployment measure. It includes part-time workers who
want full-time work. So it doesn’t count the increase in part-time work.
But every measure of actual unemployment — U1, U2, U3, U4, and U5 —
went down. You can see them all here. Again, there’s no mystery.