As the U.S. Labor Department prepares to announce July’s unemployment rates on Friday, a different rate has been configured that could give a more realistic look at the job picture in Florida.
It is called the underemployment rate, and the Sunshine State is in the bottom 10 in the country with a whopping 17 percent, compared to a 9.2 percent unemployment rate, according to the Wall Street Journal.
The underemployment rate measures not just the unemployed, but also the involuntarily part-time workers who want full-time jobs. The states with the largest underemployment rate — or U-6 rate — are, not surprisingly, Nevada and California, which were hit hardest by the building bust. Their rates are 22.1 percent and 20.3 percent, respectively.
The United States’ U-6 average is 15.3 percent, while the unemployment rate across the country is 8.5 percent.