I didn't write this, I don't take credit for it, I don't know who originally wrote it, I found it on a forum somewhere.
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet
to get any real sense of where it should be, gotta look back to about 2000 before the previous recession, because there was never really a full recovery of that shit.
it can safely be called 64%.
because the BLS never bothers to cite exactly how it calculates it's numbers or the bases unless you dig like a motherfucker, i am forced to derive the bases.
from the above link citing 58.5% participation for June (P), and the 153.7 million total labor force size (L), it's possible to get the base (B) which they are using.
B = L/P, resulting in B = 262.735 million.
now assuming the 64% participation rate, this means that the adjusted L should be 168.15 million (quite a bit larger than the 153.7 which is being cited, 14.45 million to be exact)
so, U3 is "unemployment, but not underemployment, not distressed workers, etc.", it's basically safe to go ahead and say "these are the people who have absolutely no work at all and are fucked", and that number for June is 9.5%, or 14.6 million people who are currently fucked.
U6 includes the zombie workers who used to have actual jobs but now work at walmart or flip burgers. that number for June is 16.5% or 25.36 million.
what happens when we toss in those missing 14.45 million people?
U3 becomes 17.3%
U6 becomes 23.7%
if you dont like the 64%, you can fiddle with the averages however you want to, but the simple fact is that "participation rate" has never fallen this fast since 1948, has never seen 4 years of dropping and has never seen this rate of dropping.
attribute it to whatever you want to, but the simple fact is everything is fucked, its not getting better