I wonder if this rate counts all people in an age range who are capable of working, or if it excludes those who have given up looking for a job...anyone know how they do this? I couldn’t discern it at the link.
It only counts those who are looking for work. There are many mothers taking care of children, high-school students, college students, etc who are not looking for work right now.
It certainly cannot be a true rate. I am old enough to remember when the true unemployment rate in my area was five percent or below, there were jobs everywhere,I could get a job any day that would pay enough to actually be worth working and with no college degree. New college graduates were starting out at what would be equal to a hundred grand a year or more now if a true inflation adjustment were used.