Unemployment Rate (U-3)

The Unemployment Rate (U-3) is a measure of the percentage of people in the labor force who are actively looking for work but are not currently employed. It is calculated by dividing the number of unemployed individuals (who have been jobless and actively seeking work within a recent period) by the total labor force (those employed or actively seeking work). This rate provides a snapshot of the job market’s health, indicating the proportion of available workers unable to find employment, and is commonly used to gauge economic conditions and labor market stability.