For John, BLUF: To understand the meaning of a statistic, one needs to know what is measured and how. Nothing to see here; just move along.
From Doctrine Man (Doctrine Man?) we have a link to an Opinion Piece by the Chairman and CEO of Gallup, Mr Jim Clifton. Mr Clifton, under the headline "The Big Lie: 5.6% Unemployment" tells us why the "unemployment rate" hides a lot of unemployment.♠ It is a short, interesting read.
Regards — Cliff
♠ No, this isn't just the Obama Administration cooking the books. This is a set of books that has been there for a long time. Perhaps we need a national debate. For example, why in 2015 do people enter the employment statistical system at age 16, rather than age 18, which most of us take as the nominal school leaving age?
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Please be forthright, but please consider that this is not a barracks.