Iowa's Jobless Rate

The Des Moines Register published an article on 19-Jun entitled, "Iowa Jobless Rate Jumps to 5.8%". According to the state, this is the highest level of unemployment in Iowa since July of 1986 when it was 97,700. Last year at this time, there were 67,600 unemployed workers in Iowa, or 4 percent. The U.S. jobless rate was 5.5 percent in May 2008, 8.9 percent in April 2009 and 9.4 percent in May 2009. Elizabeth Buck, director of workforce development, attributes the latest surge of job losses in part to the increase in college graduates entering the workforce.

According to the article:

• Iowa has lost 43,100 nonfarm jobs compared with a year ago.
• Manufacturing cut 5,100 jobs from April to May, bringing losses for the year to 27,800.
• Construction added 800 jobs in May, thanks in part to the federal government’s $787 billion stimulus spending.
• Iowa has lost 6,500 construction jobs compared with a year ago.
• Professional and business services added 1,600 jobs in May, although mostly temporary and administrative support positions
• Professional and business services has lost 9,000 jobs compared with May 2008.
• Financial activities added 800 jobs but is down 100 jobs compared with a year ago.
• Trade, transportation and utilities have added 3,500 jobs compared with a year ago.
• Education and health services have added 3,500 jobs compared with a year ago.
• The number of unemployed workers grew to 96,900 in May, adding 12,000 workers from April

So, all of this adds up to 5.8 percent unemployment in Iowa, right? As far as I know, the state arrives at this percentage based on the number of people who are currently receiving unemployment insurance benefits. What about the willing and able unemployed workers who don't receive unemployment insurance benefits? For some, benefits have run out, but they're still willing and able to work. For others, their employer provided them with lengthy severance packages when they left. They're willing and able to work, but can't receive benefits until the severance period is over; therefore, they aren't included in the 5.8 percent. What is Iowa's actual unemployment rate? Is it grossly understated? Is the federal jobless rate understated?