Analysis: Job reports showing low unemployment draw an incomplete picture

These should be the best of times for working people.

After all, the unemployment rate is just 3.7%, near its lowest level in almost 50 years. If that were our only guide, then we might conclude that virtually every adult in the United States who wants to work is either doing so or is diligently looking for a job.

Source: Analysis: Job reports showing low unemployment draw an incomplete picture;