U-3: U-3 is a rate of unemployment calculated by dividing the unemployed who are actively seeking jobs by the total labor force. This rate, used by the U.S. Bureau of Labor Statistics, does not take into account those who have become discouraged by a tough labor market and are no longer seeking work.
Source: Investopedia
Underemployment: Underemployment is defined as labor that is being underutilized in terms of skills, experience and availability. It includes highly skilled workers in low paying jobs, highly skilled workers in low skill jobs and part-time workers who would prefer to be full-time.
Source: Investopedia
Unemployment: Unemployment occurs when someone actively searching for a job is unable to find employment. Often used as a measure of the health of an economy, the unemployment rate is the number of unemployed divided by the total labor force. The U.S. Bureau of Labor Statistics’ uses the “U-3” unemployment rate as the unofficial unemployment rate but this rate does not include discouraged unemployed workers who are no longer actively looking for work.
Source: Investopedia
Unit Labor Costs: A productivity measure calculated by dividing total labor compensation and benefits by real output. Profitability decreases with each increase in unit labor costs. Companies can pass along higher labor costs to its customers. When economists see unit labor costs increase, it’s an indicator of potential inflation.
Source: American Heritage Dictionary of Business Terms
U.S. Census Bureau: Founded under Article I, Section II of the U.S. Constitution 1787 and formally declared a permanent office in 1903 by President Theodore Roosevelt, the U.S. Census Bureau is responsible for conducting a count of the U.S. population every 10 years. The data collected is used to determine the number of House representatives for each state as well as allocation of federal funding.
Source: Wikipedia, census.gov