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● TRACKER Updated 15d ago · 7 sources tracked

The official jobless rate has been falling. But the number of 'functionally unemployed' is climbing

The official US jobless rate has been declining, but the number of 'functionally unemployed' individuals is increasing. According to recent reports, nearly 25% of the US workforce faces unemployment or inadequate work. The functional unemployment rate was reported at 24.9% in July.

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  • ✓ The official jobless rate has been falling.
  • ✓ The number of 'functionally unemployed' is climbing.
  • ✓ The functional unemployment rate was 24.9% in July.
  • ✓ Nearly 25% of the US workforce faces unemployment or inadequate work.
🛡️ Source Corroboration: 7 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

The functional unemployment rate has been reported at 24.9% in July, providing a specific metric for the growing number of 'functionally unemployed' individuals.

Live updates

  1. US jobless rate falls, but 'functionally unemployed' rises

    The official US jobless rate has been declining, but the number of 'functionally unemployed' individuals is increasing. According to recent reports, nearly 25% of the US workforce faces unemployment or inadequate work. The functional unemployment rate was reported at 24.9% in July.

    Why it matters

    The divergence between the official jobless rate and the functional unemployment rate has significant implications for the US labor market and economy. The official jobless rate may not accurately reflect the challenges faced by workers in the economy. This disparity highlights the complexities of the current labor market and the need for a more nuanced understanding of employment trends.

    What is confirmed

    • The official jobless rate has been falling.
    • The number of 'functionally unemployed' is climbing.
    • The functional unemployment rate was 24.9% in July.
    • Nearly 25% of the US workforce faces unemployment or inadequate work.

    What to watch next

    • Future updates on the official jobless rate and functional unemployment rate
    • Analysis of the impact of economic uncertainty on US workers
    • Revisions to the labor market data
    Sources used for this update (6)
    1. Fortune — The official jobless rate has been falling. But the number of 'functionally unemployed' is climbing
    2. Channel 3000 — Institute reports functional unemployment at 24.9% in July
    3. hrsea.economictimes.indiatimes.com — Nearly 25% of US workforce faces unemployment or inadequate work, analysis finds
    4. IndexBox — True Unemployment Rate vs Official Rate: A Diverging Labor Market
    5. WPSD Local 6 — U.S. workers face challenges amid economic uncertainty
    6. Benzinga — Labor Market Weaker Than It Looks? This Broader Gauge Tells a Very Different Story About Jobs
    confidence 100%
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