No one really understands the unemployment rate

[youtube https://www.youtube.com/watch?v=3VdL8wf9LM0&w=620&h=315]

There are actually six different "unemployment rates," although predominantly when people use that term in cocktail party banter, they mean "the number of people looking for work who can't actively find it." But by no means is that the entire picture (I wrote about this a little bit when I…