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Conventional unemployment rate measures tend to overestimate the degree of labor underutilization if unemployment disproportionately affects less educated and generally less productive workers. Based on index number theory as well as on econometric techniques, this article proposes a number of alternative measures that are exact for specific labor aggregator functions. The results for the United States show that the conventional, unweighted unemployment rate overestimates the true rate by about 0.6 of a percentage point, or by almost 14%.

This report is categorized into three categories: (I) The Relationship Between Growth and Unemployment, (II) The Unemployment Rate During Postwar Recoveries and (III) The Outlook for the Unemployment Rate in the Next Few Years.

Die Arbeitslosenquote ist der Anteil der Arbeitslosen an der Gesamtzahl der zivilen Erwerbspersonen. Sie ist ein Indikator der Bundesagentur für Arbeit für die Arbeitsmarkt- und Beschäftigungslage (microm 2014, S. 100).