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Who Invented the Unemployment Rate and How It is Calculated?

 

Who Invented the Unemployment Rate?

  • The concept of measuring unemployment dates back to the early 20th century, with the U.S. Bureau of Labor Statistics (BLS) being the key organization responsible for its development and tracking in the United States.
  • The unemployment rate as a formal economic indicator began to be regularly tracked in the 1930s, during the Great Depression, when the economic impact of unemployment was widely felt.

How is the Unemployment Rate Calculated?

  • Formula:
    Unemployment Rate = Number of unemployment People / Labor Force x 100

  • Labor Force: Includes both employed and actively seeking unemployed people (not those who are not looking for work).

  • Unemployed People: Those who are jobless, actively seeking work, and available to start a job.

Key Facts:

  • Frequency: The U.S. unemployment rate is calculated and published monthly by the BLS.
  • Data Source: The primary data comes from the Current Population Survey (CPS), which surveys around 60,000 households.
  • Seasonal Adjustments: The unemployment rate is often seasonally adjusted to account for regular fluctuations in employment (e.g., holidays, weather-related industries).
  • Types of Unemployment: Includes frictional, cyclical, and structural unemployment.
  • Alternative Measures: The U.S. tracks other broader measures like U-6, which includes discouraged workers and those working part-time for economic reasons.
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