Maybe not that high but it's higher than 4%. I

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Maybe not that high but it's higher than 4%. I can tell you that.

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No one disputes that it is higher than the reported rate, but it always has been. It's called U-6.

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The U-6 rate dipped in August to 10.3 percent, the lowest since June 2008.

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Chart: What's the real unemployment rate?
Nicholas Wells | @wellsangels
Friday, 4 Sep 2015 | 8:46 AM ETCNBC.com

The Labor Department said Friday that the unemployment rate fell to 5.1 percent in August—but does that tell the real story?

Many economists look beyond the "main" unemployment rate to other figures that can give a more textured view of the economy. On jobs day, the Bureau of Labor Statistics puts out a slew of data that show various aspects of the nation's employment situation.

One of those pieces of data is the U-6 rate. The BLS defines U-6 as "total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force," plus all marginally attached workers.

http://www.cnbc.com/2015/09/04/

In other words, the unemployed, the underemployed and the discourages—a rate than remains stubbornly above prerecession levels.

The U-6 rate dipped in August to 10.3 percent, the lowest since June 2008. The overall trend in the U-6 has been more volatile than the main unemployment rate (also known as the U-3). The U-6 is down 140 basis points over the past year, versus an 80-basis-point drop in the U-3.