Government Jobless Numbers Are Vastly Different Than ‘True’ Unemployment Numbers

Richmond stands out among major U.S. metros for its low true unemployment rate… that according to a new study by the Ludwig Institute for Shared Economic Prosperity. But the real unemployment numbers are nowhere close to what the government claims they are. While the official rate for Richmond was 3%, the true rate, measuring those seeking full-time jobs with a living wage, stood at 19.2% in 2023. Nationally, the true unemployment rate averaged 24.2%.