Here's why the real unemployment rate may be higher than reported (21%)

The overall unemployment rate would have been “about 3 percentage points higher than reported” if those individuals had been identified correctly, according to the agency. (The estimate isn’t seasonally adjusted.)

That would put the official unemployment rate at 16.3%.

The true rate could be higher still.

The unemployment rate doesn’t include the share of workers who may have dropped out of the workforce, perhaps due to feeling pessimistic about the chances of finding a job in the current economy. More than 6 million workers have dropped out of the labor force since February.

In fact, the unemployment rate is a much-higher 21.2% as judged by another metric.

{more...)

https://www.cnbc.com/2020/06/05/heres-why-the-real-unemployment-rate-may-be-higher-than-reported.html