RE: The 62.8% represents the number of people employed and looking for work as a percentage of the “adult population” in the U.S., which is defined as anyone 16 or older who is not institutionalized. This percentage is so low because retirees are included in the “adult population” even if they have no interest in working.
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I’d like to NOT INCLUDE those who are below 18 in the Labor Force Participation Rate. I mean most of these kids are still at school and it will overstate the problem.
I would also like to NOT INCLUDE those who are eligible for social security (e.g. those 62 and above ). A significant number of these folks need not work because they already have SS (and/or) Pensions (and/or) 401K’s.
We should really look at those who are between 18 and 61 to gauge the seriousness of the problem.
What labor statistics sometimes tell you is that some labor statistics are meaningless. This "Labor Force Participation Rate" is one of them.