>No, U-3 is not misleading.

The U-3 is exactly what it's defined as. In that sense, it isn't misleading.

It is misleading in the sense that it does not capture what unemployment actually is as it's a very narrow definition of unemployment.

>Given that EU wages have increased much more than US wages we can conclude that unemployment has very little to do with wage increases.

We can conclude from this that it may not be the only factor affecting wages, though I never made that claim to begin with.