Earlier quoted context omitted.
That's the standard definition for unemployment. An unemployed person is generally considered to be someone who would want to be employed, but is not. It is meant to be a measurement of the number of people who want jobs, but are unable to get them. There are other measurements for labour force participation, which are usually fairly easy to find, and are a proportion of people who are legally able to work, against t…
It is as good a time as any to wish a pox on all jargon and reflect that a person with no employment is unlikely to be unemployed. If anyone else is interested, a very light search into the history of when they picked that measure as the standard suggests it has been with us since ~1930. Apparently the nature of complaints hasn't changed much over the years. [1] davidcard.berkeley.edu/papers/origins-of-unemployment.p…
If we included people who are retired then we would see unemployment go up and down in correlation with generation sizes: when the baby boomers retire the number of "unemployed" people would go up dramatically. But that confuses the picture of whether businesses are hiring.