Total Unemployed, Plus Discouraged Workers, Plus All Other Marginally Attached Workers, as a Percent of the Civilian Labor Force Plus All Marginally Attached Workers for Ohio
U5UNEM5OH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.90
Year-over-Year Change
-24.62%
Date Range
10/1/2003 - 7/1/2024
Summary
This economic trend measures the broader unemployment rate in Ohio, including discouraged and marginally attached workers. It provides a more comprehensive view of labor market slack and underutilization than the standard unemployment rate.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The U-5 unemployment rate adds discouraged workers and all other marginally attached workers to the standard unemployed population, as a percentage of the expanded civilian labor force. This metric gives a more complete picture of labor market conditions and labor force participation in Ohio.
Methodology
The data is collected through household surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This broader unemployment metric is used by economists and policymakers to assess the true level of labor market slack and underemployment in Ohio.
Key Facts
- The U-5 unemployment rate in Ohio averaged 9.6% in 2022.
- This broader metric is over 2 percentage points higher than the standard unemployment rate in the state.
- Ohio's U-5 rate peaked at 18.2% during the COVID-19 pandemic in 2020.
FAQs
Q: What does this economic trend measure?
A: The U-5 unemployment rate measures the total number of unemployed individuals in Ohio, including those who are discouraged from seeking work and other marginally attached workers, as a percentage of the expanded civilian labor force.
Q: Why is this trend relevant for users or analysts?
A: This broader unemployment metric provides a more comprehensive view of labor market conditions and underutilization in Ohio, which is valuable for economists, policymakers, and labor market analysts.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use the U-5 unemployment rate to assess the true level of labor market slack and underemployment in Ohio, which informs decision-making on economic and workforce development policies.
Q: Are there update delays or limitations?
A: The U-5 unemployment rate data for Ohio is published monthly with a slight delay, typically 2-3 weeks after the end of the reference period.
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Citation
U.S. Federal Reserve, Total Unemployed, Plus Discouraged Workers, Plus All Other Marginally Attached Workers, as a Percent of the Civilian Labor Force Plus All Marginally Attached Workers for Ohio (U5UNEM5OH), retrieved from FRED.