What is the real unemployment rate?

The only number that is really meaningful anymore (due to the number that have just left the work force completely) is the labor participation rate.. a number rarely talked about! The unemployment rate only counts those who are actively looking for work and excludes those that have given up.

I consider the U-6 rate to be the "real" number, but even that has to be taken with a grain of salt. As MSG Wade Huffman points out, without a respectable labor participate rate, even the U-6 number skews low. The U-6 counts the marginally attached, but not those who despaired over a year in the past.

In other words, that relative of yours who back into their parent's basement in 2012 and plays World of Warcraft all day every day isn't unemployed by either the U-3 (usually cited) or U-6/"real" statistics.

Damn Good Question and you can come up with many different numbers depending on the way you word your questions the pool of people you use, the qualifications and prereqisites. Like MSG Huffman said do you take into account those that gave up looking, How about folks like me that are Underemployed? Good one to debate.