Source: Federal Reserve Bank of Richmond
The Hornstein-Kudlyak-Lange Non-Employment Index including People Working Part-Time for Economic Reasons (NEI+PTER) is a weighted average of all non-employed people and people working part-time for economic reasons expressed as the share of the civilian non-institutionalized population 16 years and older. The weights take into account persistent differences in each group's likelihood of transitioning back into employment. Because the NEI is more comprehensive and includes tailored weights of non-employed individuals, it arguably provides a more accurate reading of labor market conditions than the standard unemployment rate. For further information about this series, go to https://www.richmondfed.org/research/national_economy/non_employment_index.
Federal Reserve Bank of Richmond, Hornstein-Kudlyak-Lange Non-Employment Index including People Working Part-Time for Economic Reasons [NEIPTERM156SFRBRIC], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NEIPTERM156SFRBRIC, January 24, 2022.