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I think the unemployment rate is not a useful metric. Percentage of the population employed is. That number hasn't been coming back.
Chris Oroshiba's profile photoJoel Schopp's profile photo
Somewhat. Total population is composed of non-employable people as well. As the population ages, they fall out of employability (theoretically), and those under 16 are essentially unemployable. Still, the numbers aren't very good...
Demographic shifts happen over decades and are a small change.
Yes and no. Medical advances are prolonging lifespan significantly, so a change of a year in lifespan significantly extends the population. 1 year of lifespan is equal to 3.9 million people per year at a lifespan of 75 years. Since the currently unemployed is roughly 16-17 million, that's a significant %.
Hopefully those extensions is lifespan have some offset by increases in quality years where people can still participate in work. But yes, over several decades it is measurable.
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