Glossary of Investment Terms

Unconsolidated Income—after-tax earnings of partially or wholly owned subsidiaries whose financial results are not included in the pretax financial results or income taxes reported.

Underwriting Income Per Share (Insurance [Property/Casualty] Industry)—underwriting profit divided by the number of common shares outstanding at year end.

Underwriting Margin (Insurance Industries)—the difference between 100% and the sum of the loss and expense ratios in property/casualty underwriting. It may be either positive (indicating an underwriting profit) or negative (indicating an underwriting loss).

Unemployment Rate—a Labor Department measure of the ratio of the number of unemployed in the labor force, expressed as a percentage. The Civilian Unemployment Rate is based on a work force that excludes U.S.-stationed members of the armed forces. The National (or Total) Unemployment Rate is based on a work force that includes U.S.-stationed members of the armed forces.

Unit Labor Costs (Nonfarm)—a Labor Department index based on the ratio of the Compensation Per Hour Index (Nonfarm) and the Output Per Hour

Index (Nonfarm). Unit labor costs are useful because they illustrate how productivity gains offset rising wages, or how wage increases outstrip productivity gains.

Unrealized Appreciation (or Depreciation)—the dollar amount by which the market value of a holding exceeds (or falls below) its cost.

Untimely Stocks—those ranked 4 or 5 for Timeliness. These are stocks Value Line thinks will perform less well than the market in the coming six to 12 months.

Upstream—see Downstream.