How can 92,000,000+ Americans not be working and the rate be so low?
The unemployment number was developed in the 1930's because nobody knew the depth of the depression. The household survey was part of the data set for the number. Getting reliable information in the 30's was a challenge given access to phones in rural areas. With any model, the developers had to make adjustments. One was the eliminate poeple not actively looking for work. This made sense in a time when married women generally did not work outside the home. It also made sense to adjust for drifters- the west wasn't "WILD" but not tame and many people floated around.
Today most families are two income. Some double income families prefer one part-time income others need two full-time incomes. People not looking for work aren't drifters but millennials unequipped for the work force or adults that live on welfare and/or disability that are really able workers. This is clearly a drag on the economy which is not reflected in the unemployment models developed 80 years ago. In other words, the unemployment number looks fine, but structurally, the labor market is weak.
A further question is what does the unemployment rate really mean. Many third world countries have very low unemployment. Governments have policies that encourage hiring rather than (and preferably to) economic efficiency. This leads to low wages and less investment in infrastructure. Policies that encourage hiring have low unemployment but very unsophisticated economies. Put another way, would anyone argue that Argentina's employment outlook is equal to the US because the unemployment rate similar? I think not.
I just checked the number for January:
It appears that number is up once again, now 93,674,000.
Persons not in the labor force and multiple jobholders by sex, not seasonally adjusted
Bureau of Labor Statistics.