Alternative to U.S. Jobless Rate Lowest Since Late 2007: Chart

An alternative to the U.S. unemployment rate is back to where it was before the last recession, adding to evidence of a vibrant labor market. The Federal Reserve Bank of San Francisco’s non-employment index, which includes those working part-time for economic reasons, all unemployed individuals regardless of whether they are looking for work and measures the likelihood that a person will transition back into the job market, was 9.3 percent in February. The Labor Department’s unemployment rate was 4.7 percent.

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