So you are saying you actually agree with the FED's assessment ? It essentially states that anyone who doesn't find a job in 6 months therefore isn't looking for a job.
If you don't agree with that, then there aren't any good stats, hence the use of the labor participation number, as the "default" goto for unemployment.
This does suggest that U-5 at least is a more realistic figure, or perhaps the average of U-5 + U-6. That would make real unemployment somewhere between 6 and 7.8, and indicates plenty of slack in the labor force.
If you don't agree with that, then there aren't any good stats, hence the use of the labor participation number, as the "default" goto for unemployment.
If you want alternatives, may I recommend:
https://www.bls.gov/news.release/empsit.t15.htm
This does suggest that U-5 at least is a more realistic figure, or perhaps the average of U-5 + U-6. That would make real unemployment somewhere between 6 and 7.8, and indicates plenty of slack in the labor force.