Real vs. Nominal Unemployment Rate

The labor-force participation rate peaked in January 2000:

The business-cycle recession of 2008-2011 slammed full-time employment; the temporary closures of 2020 had the opposite effect:

The real vs. nominal unemployment rate (setting the real unemployment rate equal to the nominal rate in January 2000, and adjusting for subsequent changes in the labor-force participation rate and the fraction of employed persons working full-time):

Go here for an explanation of the method and the reasons for the decline in the labor-force participation rate from 2000 to 2016.