Welcome to the unemployment magic show where millions of people who have ceased looking for work are magically stricken from the unemployed ranks in unimaginable feats of political prestidigitation. If those same people were in the labor force as were in the labor force the day President Obama took office, the unemployment rate would  be 10.9%. This is according to American Enterprise Institute’s James Pethokoukis who has pretty pictures and everything:

And he has more fun facts over here, including: 

 If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office—65.7% then vs. 63.8% today—the U-3 unemployment rate would be 10.9%. Even if you take into account that the LFP should be declining as America ages, the unemployment rate would be 10.5%.
The broader U-6 unemployment rate, which includes “all persons marginally attached to the labor force, plus total employed part time for economic reasons,”  is 14.9%, up a bit from May.

There’s more here.