Many measures of labor market conditions attempting to assess economic conditions are available to economists and analysts. The two best known metrics are the unemployment rate (U3) and the level of monthly employment gain.
The commonly reported U3 rate is a measure of persons classified as unemployed because they do not have a job but have actively looked for work during the previous four weeks. These people are also currently available for work. The November unemployment rate was reported at 7.0%, down from 7.3% in October and 7.8% in November 2012.
The U3 rate does not, however, take into account discouraged workers who have dropped out of the labor force, those marginally attached to the labor force, and those working part time for economic reasons. The combined rate of these metrics currently stands at 13.2%
Read more...Delving into theEmployment-Population Ratio