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There is a big difference between the two. NYTimes (04.12.08), via BigPicture:

"The unemployment rate is low. The jobless rate is high.

Those two seemingly contradictory statements are especially true for American men in what should be the prime of their working lives."

Many More Are Jobless Than Are Unemployed

"Those facts may help to explain the stark pessimism of Americans about the economy, and shed some light on the rise of illegal immigration as a political issue."

The unemployment rate measures "people without jobs who are actively looking for work". The jobless rate measures "the proportion of people without jobs."