The current state of unemployment is not quite the rosy picture that everyone wants us to believe.
I like looking at the U-6 rate and not the U-3 or official rate, because U6 is the whole picture. Not a fractional picture.
U-6 is the total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. The seasonally adjusted rate for December 2019 was 6.7%.
While the official rate, the U-3 Total unemployed, as a percent of the civilian labor force for the same period was 3.5%. I know a number of college graduates that was working part time, because they can’t seem to find that first full time position.