The offical US unemployment rate is 8.5% (red line) however, that excludes number of people looking for work.

The gray line is the broader measure which includes people working part time but looking for full time work. This unemployment figure is 15.6% (wow!).

The blue line is the SGS Alternate Unemployment Rate which was stopped using this in the Clinton presidency and it included those who are "discouraged" and did not look for work in the past month. This rate is near 20%.

About 13-20 million are now unemployed or employed part time and 600,000 add to the list each month and on top of the the roughly 130,000 who come into the job market for the fist time. This is over 1 million new unemployed every 5 weeks. This is not a situation where long term bull markets form.