It actually makes sense, I think. The bottleneck (bar, qualifying exam) keeps the supply artificially low, so those who pass and qualify are always in high demand (low unemployment). Those who don't pass either try again, or after a while go into other fields and no longer consider themselves prospective doctors, lawyers, etc. It's sort of like the effect where, during a prolonged recession, unemployment numbers 'drop' because some people give up actively looking for a job, and are no longer counted.

Curious, what do you think the employment rate among physicians is? I'd be surprised if it wasn't 100%. The issue is regulation - employment only takes a hit outside the protected professions.

There are 13,605 taxi medallions in new york city. What do you think the employment rate among taxi drivers in NYC is?