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 Utah
U5UNEM5UT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.40
Year-over-Year Change
15.79%
Date Range
10/1/2003 - 7/1/2024
Summary
This economic trend measures the total number of unemployed workers, discouraged workers, and other marginally attached workers in Utah as a percentage of the civilian labor force and all marginally attached workers.
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 U5UNEM5UT series provides a broader measure of labor underutilization than the official unemployment rate, capturing those who have stopped actively searching for work or are employed part-time but desire full-time work. This expanded metric offers a more comprehensive assessment of labor market slack in Utah.
Methodology
The data is collected through household surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this metric to gain a deeper understanding of labor market conditions and the degree of labor market underutilization in Utah.
Key Facts
- The U5 measure includes more workers than the official unemployment rate.
- Utah's U5 rate was 7.7% in December 2022.
- The U5 rate is typically higher than the official unemployment rate.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of unemployed workers, discouraged workers, and other marginally attached workers in Utah as a percentage of the civilian labor force and all marginally attached workers.
Q: Why is this trend relevant for users or analysts?
A: This broader measure of labor underutilization provides a more comprehensive assessment of labor market conditions in Utah, which is valuable for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through household surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to gain a deeper understanding of labor market conditions and the degree of labor market underutilization in Utah, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published with the same frequency as the official unemployment rate, so there may be similar update delays.
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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 Utah (U5UNEM5UT), retrieved from FRED.