Unemployment rates are severely under tracked.

[NJ5]

I can't believe this thread has gone on for three pages without anyone mentioning U6 unemployment.

http://portalseven.com/employment/unemployment_rate_u6.jsp

The definition's right there in wikipedia:

 

• U1: Percentage of labor force unemployed 15 weeks or longer.
• U2: Percentage of labor force who lost jobs or completed temporary work.
• U3: Official unemployment rate per ILO definition.
• U4: U3 plus "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
• U5: U4 plus other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently.
• U6: U5 plus Part time workers who want to work full time, but cannot due to economic reasons (underemployment).