Labor Market Data
Analysis of the U-3 and U-6 unemployment figures, alongside participation rates.
U-3 Unemployment
3.8%
U-6 Underemployment
7.3%
Participation Rate
62.7%
Wage Growth (YoY)
4.1%
The U-3 vs U-6 Distinction
The headline rate (U-3) often masks labor weakness because it removes "discouraged workers" from the denominator. U-6 includes discouraged and part-time workers seeking full-time roles, providing a truer macroeconomic picture.