Chart: What's the real unemployment rate?

This is how the monthly jobs report is calculated
This is how the monthly jobs report is calculated

The U.S. Labor Department said Friday that the unemployment rate was 5.7 percent in January—but does that rate tell the real story?

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A number of economists look past the "main" unemployment rate to a different figure the Bureau of Labor Statistics calls "U-6," which it defines as "total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers."

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In other words, the unemployed, the underemployed and the discouraged—a rate that still remains high.

The U-6 rate rose in January to 11.3 percent, the first time in six months that it ticked higher.

The trend in U-6 has been somewhat more volatile than in the main unemployment rate as well. The U-6 rate is down 140 basis points over the last year, versus a 90 basis point decline in the main rate (also known as U-3).

The U-6 rate has held firm in the double digits since June 2008. It most recently peaked at 17.1 percent in April 2010.