Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part Time for Economic Reasons, as a Percent of the Civilian Labor Force Plus All Marginally Attached Workers for Pennsylvania
U6UNEM6PA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.40
Year-over-Year Change
-38.46%
Date Range
10/1/2003 - 7/1/2024
Summary
This economic indicator measures the total number of unemployed individuals, plus those marginally attached to the labor force, plus those employed part-time for economic reasons, as a percentage of the civilian labor force and marginally attached workers in Pennsylvania.
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 U6 unemployment rate provides a broader measure of labor underutilization than the standard unemployment rate, capturing a wider range of jobless individuals. This metric is closely watched by economists and policymakers to gauge labor market slack and the overall health of the economy.
Methodology
The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
The U6 rate is used to assess the effectiveness of economic and labor market policies.
Key Facts
- The U6 rate in Pennsylvania is higher than the standard unemployment rate.
- Marginally attached workers are individuals who are not in the labor force but want and are available for work.
- Part-time workers for economic reasons are those who would prefer full-time employment but are working reduced hours.
FAQs
Q: What does this economic trend measure?
A: The U6 unemployment rate measures a broader range of labor underutilization, including the unemployed, marginally attached workers, and those employed part-time for economic reasons, as a percentage of the total civilian labor force and marginally attached workers.
Q: Why is this trend relevant for users or analysts?
A: The U6 rate provides a more comprehensive picture of labor market slack and underemployment, which is important for economists and policymakers in assessing the overall health of the economy and the effectiveness of economic policies.
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: The U6 rate is closely monitored by policymakers and analysts to evaluate the labor market and the effectiveness of economic policies aimed at promoting full employment and economic growth.
Q: Are there update delays or limitations?
A: The U6 data for Pennsylvania is released on a monthly basis, with occasional revisions. There may be some limitations in capturing the full extent of labor underutilization due to the survey-based nature of the data collection.
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Citation
U.S. Federal Reserve, Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part Time for Economic Reasons, as a Percent of the Civilian Labor Force Plus All Marginally Attached Workers for Pennsylvania (U6UNEM6PA), retrieved from FRED.