James Pethoukis puts his thumb on how lousy Obama has been on unemployment but doesn't explain sufficiently.
Right around Obama's election, the two lines diverge and stay that way. The extra distance equals all the people who used to be full time workers and are now part time workers. These are not unemployed. They are just american dream deferred.
They are reduced from a dignified life to scrambling on the economic edge of society. In a Republican administration it is the top line that would be trumpeted as the real rate of unemployment. In this administration it's the bottom line that's touted, when unemployment is mentioned at all.