OZY: What Our Unemployment Rate Really Means

By SIMON CONSTABLE

Like lucky lottery numbers, few figures get as closely scrutinized every month as America’s unemployment rate. Now hovering at just 5.3 percent, down from 6.2 percent a year ago and close to half what it was five years ago, things seem to be on the up-and-up in the job market, right?
Well, turn to an elderly loved one, sitting back in a big comfy armchair sipping a mint julep, and they’ll probably tell you things just aren’t what they used to be. And they’d be right
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