And it is that higher long-term unemployment rate in Europe that causes the overall higher unemployment rate.

FORBES: The Problem With US Unemployment Is That It Is Now Like European Unemployment

John Williams estimates that if U-6 counted the long-term discouraged workers, the unemployment rate would be 22.8%.

FORBES: Why Jack Welch Has A Point About Unemployment Numbers

The length of the downturn (the longest since the Depression) and the weakness of the recovery have combined to generate an unprecedented rise in the rate of long-term unemployment.

ECONOMIST: Unemployment benefits

Last month the Fed said that as long as inflation remained modest, it could keep short-term rates near zero until the unemployment rate dips below 6.5 percent from the current 7.8 percent.

NPR: Markets Steady Ahead Of Fed Statement