USA Jobless at 16%

JOHN CHALLENGER, challenger, Gray and Christmas: The underemployment rate, which includes those people who are in part-time jobs but would prefer a full-time job, and those people who weren't counted as unemployed but they've been out of work and been looking in the last year, but not in the last month, pushes the rate way up.

PAUL SOLMAN: Here are the new numbers from the Labor Department's monthly survey of 60,000 households. The official number is what the government reports as U-3, 14.7 million unemployed as of June. That's 9.5 percent.

U-4 adds discouraged workers who've stopped looking. That would make unemployment 10 percent.

U-5, marginally attached workers who say they'd take a job, but haven't looked in a month. The number would then be up to 10.8 percent.

The most inclusive number, U-6, adds part-timers looking for full-time work, bringing the total to 16.5 percent.

Read the full report here.