Because many economists view the "labor participation rate" in conjunction with the unemployment rate as a far more accurate interpretation of the job market than simply the unemployment rate (which doesn't count people that have "stopped looking for work" for whatever reason).
Google it, the participation rate has been dropping steadily for 2 decades, but tanked hard core during the pandemic and hasn't bounced back like economists had hoped.
I fell into that trap in 2006 and always concluded there were many others like me.
I was in my mid 40's and got retired early from Intel along with a bunch of other Engineers. I took their "package" and never took a single unemployment check in my life (still), and managed to pick up the odd contract gig here and there.
Was I employed? Mostly no, I was dipping into my IRA (2% max annual, no penalty), so I was cheating retirement, pretending. By the time I hit 50, it was crystal clear I couldn't work anywhere permanent at my age without expert niche skills that I lacked for the market.
Was I unemployed per census? No. And in my mind, I was Self-employed.
Did I contribute to growth or GDP or Exports? No.
Did I live off existing funds, side work, and other support to bridge this very large gap. Yes.
Back to the question earlier: Was I retired? Am I still retired? Yes, but No. In the Gov't mind, yes.
As a result of my experience, I always consider "unemployment data" as just another tool and a joke. I mean, what does this country actually produce besides loans, pills, insurance, and ICE autos? I think we're the retired generation, and when our money runs out (and nearly did for me), it's not looking good for keeping their scheme running.
