Thanks, valid point. With so many people having dropped out of the workforce the U/E numbers are really not that meaningful in any case. The MSM avoids reporting on them, and on the ever increasing numbers on “disability” and the swelling numbers on food stamps.
It has also come down but still way high compared to history:
The problem is that we are stuck in an environment of 2% growth which is just about normal economic inertia. Obama's policies have choked growth off which will result in it taking a long time for headline UE to get back to normal.
I had a meeting with an economist from IHS yesterday and their baseline forecast is for UE to get back to around 6% sometime in 2015-16.