OK. What Is Unemployment Really?

I found this rather short video that does a pretty good job of explaining unemployment in the terms the government uses. One of the key factors when attempting to understand how the government reports unemployment is the number of people no longer looking for work, or, "not in the labor force".

The "U3 Rate" is that which the government uses to report unemployment. A better statistic is the "U6 Rate" as explained in the video.

The below video is from 08.2012 and, therefore, is somewhat dated. The below picture shows the number of persons "not in the labor force" over time - up to "today".

Note: if you use Internet Explorer and have a problem viewing the video, click here.

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