The True Rate of Unemployment, at 23% in 2023 and currently at 24.2%, sheds light on a critical aspect of the labor market often overlooked by traditional metrics like the BLS rate. This figure accounts for individuals seeking stable, full-time employment with fair wages, providing a more comprehensive view of economic health. The disparity between government-reported rates and true figures underscores the need for nuanced assessment and policy action. Recognizing the challenges faced by marginalized groups and addressing systemic barriers is essential for fostering inclusive growth. Understanding and addressing the True Rate of Unemployment is paramount for informed decision-making in workforce development. Thank you for your post, Benjamin Mena. We would like to hear from you on this topic and possibly offer assistance: www.sicrecruiting.com
23% was the True Rate of Unemployment in the United States in 2023.
Even though the government said its 3.7%
True Rate of Unemployment measures the proportion of workers looking for a full-time job that pays a living wage — and who are unable to find one.
Nationwide, the True Unemployment rate is now 24.2%; it averaged 23% in 2023.
The BLS rate excludes people who might be earning only a few dollars a week, and also excludes anybody who has stopped looking for work or is discouraged by a lack of jobs or the demands of child care.