What I wonder about this: What should we make of it about the people who "are no longer in the market." The people who have been unemployed based the cut-off.
Unemployment is measured in a length of time since their last position. Not the total amount of unworking people.
Measures that can capture some of what you're looking for are "U-6 unemployment," which includes discouraged workers as well as those actively looking, as well as the labor force participation rate. U-6 has been showing steady improvement and nearing 30-year lows (from late 90s). Participation rates have been on a decline though for quite some time, but this includes people who don't want to or can't work. One thing we saw during the great recession is a huge increase in permanent disability applications.
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What I wonder about this: What should we make of it about the people who "are no longer in the market." The people who have been unemployed based the cut-off.
Unemployment is measured in a length of time since their last position. Not the total amount of unworking people.
Measures that can capture some of what you're looking for are "U-6 unemployment," which includes discouraged workers as well as those actively looking, as well as the labor force participation rate. U-6 has been showing steady improvement and nearing 30-year lows (from late 90s). Participation rates have been on a decline though for quite some time, but this includes people who don't want to or can't work. One thing we saw during the great recession is a huge increase in permanent disability applications.