You have a point there, but I wouldn't be quite so sanguine. Look at the different participation rates of graduates and those without a HS diploma. The difference is huge, and I think it tells us something about the real unemployment rate.
Another issue is that those counted as employed include a large number of underemployed, i.e people forced to work part time because they can't find more work.
Another issue is that those counted as employed include a large number of underemployed, i.e people forced to work part time because they can't find more work.