Even among college graduates, whose unemployment rate is much lower than that of the population as a whole, the rate has doubled since the onset of the recession. As familiar as the unemployment rate is, both as a measure of economic slack and as an indicator of the pain experienced by American households, it does not tell the whole story.
About 9 million workers who would like a full-time job can find only part-time work. Millions of others are working at jobs for which they are likely overqualified and earning less than in their previous jobs.