Business & Economy · 1 views
The official jobless rate is so low the Fed thinks the economy is at full employment. But a gauge of the ‘functionally unemployed’ keeps climbing
"If this continues, it would suggest the labor market is losing strength despite what we may see in the headline unemployment numbers."
AI Summary
The Labor Department reported that the official unemployment rate fell to 4.1% in July, down from 4.2% in June and 4.5% in November, continuing a recent decline after last year’s increase. However, an alternative metric tracking the “functionally unemployed” shows a rising trend, suggesting that more workers remain out of the labor force despite the low headline rate. This contrast highlights a divergence between the official gauge and broader measures of labor market health.
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