Lying unemployment statistics?

Katherine Bradbury the senior economist at the Federal Reserve Bank of Boston, thinks that recent unemployment figures may be understating joblessness by 3 percentage points. Vodkapundit examines the argument and finds it attractive but inconclusive.

I haven't read Dr Bradbury's study, so I don't know if she's factored for the self-employed. More and more folks are working from home, and don't always show up as part of the Department of Labor's employment statistics. Surely, they account for some of the "slack." If Bradbury's lower figure is correct, then I'd guess that some large fraction of her slack figure is employed, just not in a way measured by the DoL. If Bradbury's bigger number is closer to the truth, then it's difficult not to conclude that our economy is not yet robust enough to employ everyone who wants to work.