(The definition of "the" unemployment rate is in Chapter 2.) The U.S. labor force included 158.23 million people, of which 137.19 million were employed in May 2020. What is the unemployment rate based on these data? (Briefly explain your calculation.)

Jason Furman and Willie Powell have pointed out that 4.9 million people in the "employed" group actually reported being "not at work, for other reasons," probably due to temporary business closures during the lockdown. They also note that 6.3 million people left the labor force between March and May, and they estimate that at least 1.5 million of these people would have been searching for work in the absence of the virus. They think that people who are not actually at work, even if employed, and people who would normally be searching for work should be reclassified as unemployed.

Calculate an adjusted unemployment rate based on the reclassifications Furman and Powell suggest and briefly explain your work. How does this compare to the Great Depression (1929-1940)?