The Real Jobless Rate

America’s official unemployment rate has declined sharply after rocketing up last year, but top government economic officials are increasingly citing a different figure — one that puts the jobless rate at nearly 10 percent (New York Times)

economists have worried for years that by relying on the headline rate, they are ignoring people they shouldn’t, including would-be employees who are not actively applying to work because they are discouraged or because they are waiting for the right opportunity. Looking at a more comprehensive slate of labor market measures — not just the jobless rate — came into style in a big way after the recession that stretched from 2007 to 2009.