There are other measurements for labour force participation, which are usually fairly easy to find, and are a proportion of people who are legally able to work, against the number of actual workers.
There are other measurements for labour force participation, which are usually fairly easy to find, and are a proportion of people who are legally able to work, against the number of actual workers.
If anyone else is interested, a very light search into the history of when they picked that measure as the standard suggests it has been with us since ~1930. Apparently the nature of complaints hasn't changed much over the years.
[1] davidcard.berkeley.edu/papers/origins-of-unemployment.pdf
If we included people who are retired then we would see unemployment go up and down in correlation with generation sizes: when the baby boomers retire the number of "unemployed" people would go up dramatically. But that confuses the picture of whether businesses are hiring.
However, the 25-54 unemployment rate (the opposite of the "employment rate") is not calculated by state or locality in the US.
* A by-choice stay-at-home parent. There are like 10 million stay-at-home parents in the US (c.f., our entire labor force is ~125 million!)
* A contract worker/consultant, as well as employees in seasonal fields such as construction, many of whom make very decent 12-month wages but might be "unemployed" if you ask at the wrong moment.
* Anyone with a severe disability (mental or physical) which makes work difficult or impossible.
* Someone younger than retirement age (40s-50s) who has retired early by choice (e.g., no kids, dual high incomes for 20+ years, non-extravagant lifestyle; particularly relevant for this forum...)
If you counted all of these, I have no doubt our unemployment rate would at least double, if not triple. But that would be a ridiculously stupid number to even think about -- none of the above people want a job (or want a 12 month job); why should we try to organize society around forcing them to work when they don't need to and don't want to?!
I'm not claiming the current definition of "unemployed" is perfect, BTW. But IMO it's WAY better than yours...
Would want to be employed on what kind of job? At what pay?