The economic research firm's "True Rate of Unemployment" (TRU) seeks to capture the share of workers that the group defines as "functionally unemployed." This includes not only people who are unemployed and looking for a job, but also those who are involuntarily working part-time and who are earning poverty-level wages, or less than $26,000 annually before taxes.

Functional unemployment across the U.S. has climbed four straight months and stood at 24.9% as of July, although that's down from 25.2% in December, according to the Ludwig Institute.

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