Chart 15 is trying to take a broader view of the labour market than just what we get from the usual definition of the unemployment rate. We construct a measure that takes account of longer-term unemployment, underutilization of labour, wage increases. What we see is that several factors are keeping this broader measure of labour market slack above the level of the unemployment rate. Long-term unemployment is still close to its pre-crisis peak. Average hours worked remain low. The proportion of involuntary part-time workers continues to be elevated. Those factors are keeping this broader measure of labour market slack above the unemployment rate.
On March 12th, 2015. See this statement in context.