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The Unemployment RATE neglects reality. Intuitively We the People, for the most part, ALL believe it is a percentage of healthy people, barring noted exceptions. However what they use is perception of reality..that being ..people who ONLY WANT to work...NOT ABLE to work....
When we talk about the labor market we often focus on the unemployment rate. But an equally important measure of labor market conditions is the labor force participation rate (LFPR).
The LFPR is equal to the employed plus the unemployed, divided by a measure of U.S. population. Think of it as those who want to work (i.e., have a job or want one) relative to those who could work (the entire population over age 16 that isn’t incarcerated or on active military duty).
