Steven Matthews: There are other labor indicators that most ignore

The Fed released January job growth at 151,000 and the U-3 unemployment rate of 4.9 percent. I urge The Bee to publish and explain the true U-1 thru U-6 unemployment totals. The Fed uses the median U-3 reports as justification of our economic status. We all might be stunned when the U-4 through U-6 totals are added to the U-3 number. This can define the strength or weakness of our economy. U-3 is nothing more than smoke and mirrors.

Editor’s note: The Bureau of Labor Statistics uses six different indicators to describe unemployement (U1 through U6); all January 2016 numbers are down from Janury, 2015. U-3 is the “Total unemployed, as a percent of the civilian labor force” and serves as the basis for all the remaining indicators. U-4 is the U-3 number plus discouraged workers (those no longer seeking work). U-5 includes all in U-3 and U-4 plus those “marginally attached” to labor force. U-6 includes the totals from U-3, U-4 and U-5 plus those working part-time who would prefer to be employed full-time. U-6 stands at 10.5 percent for January. Adding any numbers from categories 3-6 would not provide a valid number, since the addition has already been done.

This story was originally published February 8, 2016 at 2:23 PM with the headline "Steven Matthews: There are other labor indicators that most ignore."