The official unemployment rate fell to 8.4% in August. But the true jobless figure is likely much higher, perhaps remaining at a level higher than any other period since the Great Depression, according to economists.
The unemployment rate would have been about 0.7 percentage points higher than reported in August — or about 9.1% — if this misclassification error hadn't occurred, according to the Bureau.
Such individuals may have been discouraged from looking for work due to the lackluster state of the job market, or may not have been able to look for work due to health concerns or childcare duties, for example. "One of the things many people seem to have missed is, the unemployment rate doesn't count people who aren't looking for work," said Michael Farren, an economist at the Mercatus Center at George Mason University.There were about 164.5 million people in the labor force in February, before state governments shut down broad sectors of the U.S. economy. That figure fell by about 8 million, to 156.5 million people, in April.
The size of the labor force has since recovered to 160.8 million in August — still about 3.7 million people less than the pre-pandemic figure.
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