IDEAS home Printed from https://ideas.repec.org/p/epo/papers/2015-24.html
   My bibliography  Save this paper

The Anomaly of U-3: Why the Unemployment Rate is Overstating the Strength of Today’s Labor Market

Author

Listed:
  • Nick Buffie

Abstract

By examining the historical relationship between the unemployment rate and alternative measures of labor market slack, it is determined that today’s labor market has far more slack than is typically associated with an unemployment rate of 5.0 percent. It is therefore unlikely that the economy is at or near full employment.

Suggested Citation

  • Nick Buffie, 2015. "The Anomaly of U-3: Why the Unemployment Rate is Overstating the Strength of Today’s Labor Market," CEPR Reports and Issue Briefs 2015-24, Center for Economic and Policy Research (CEPR).
    • Handle: RePEc:epo:papers:2015-24
    as

    Download full text from publisher

    File URL: http://cepr.net/documents/anomaly-of-U-3-2015-12.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. John Komlos, 2019. "Estimating Labor Market Slack, U.S. 1994-2019," CESifo Working Paper Series 7941, CESifo.
    2. John Komlos, 2019. "The Real U.S. Unemployment Rate Is Twice the Official Rate, and the Phillips Curve," CESifo Working Paper Series 7859, CESifo.

    More about this item

    Keywords

    employment; unemployment; unemployment rate; slack; U-3;
    All these keywords.

    JEL classification:

    • J - Labor and Demographic Economics
    • E - Macroeconomics and Monetary Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:epo:papers:2015-24. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/ceprdus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.