So you are saying you actually agree with the FED's assessment ? It essentially states that anyone who doesn't find a job in 6 months therefore isn't looking fo

So you are saying you actually agree with the FED's assessment ? It essentially states that anyone who doesn't find a job in 6 months therefore isn't looking for a job. If you don't agree with that, then there aren't any good stats, hence the use of the labor participation number, as the "default" goto for unemployment. If you want alternatives, may I recommend: https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm This does suggest that U-5 at least is a more realistic figure, or perhaps the average of U-5 + U-6. That would make real unemployment somewhere between 6 and 7.8, and indicates plenty of slack in the labor force.