According to a report from the Ludwig Institute for Shared Economic Prosperity, the true unemployment rate, which includes those underemployed or earning below the poverty line, is at 24.4%. This suggests that one in four Americans struggle to secure sufficient employment, even as official statistics show a relatively stable unemployment rate of 4.2%. The report highlights disparities across demographics, showing higher functional unemployment rates among Black workers and women. Wage growth has stagnated against rising living costs, further complicating the economic landscape for many American families.
The functional unemployment rate has risen for three consecutive months and is currently 24.4%. That means about one in four U.S. adults are considered functionally unemployed.
LISEP Chair Gene Ludwig stated the outlook shows little signs of improvement amid lack of an influx of dependable, good-paying jobs.
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