If you work 1 day a month or more you are considered to be employed full time. If a person is unemployed for a year that person is considered no longer looking for work so the person drops out of the statistics. This is why the US participation rate of the people that are eligible to work is lower than the G7 average.
The Fed Takes a Second Look at Its Good-News Story on American Jobs
It began as an inquest into what went wrong. Now the Federal Reserve’s policy rethink may be widening to include the part the central bank thought it had gotten right. Inflation keeps falling short of the Fed’s target, and that was the trigger for what’s supposed to be a months-long review of strategy. Now, policy makers are being drawn into a conversation about the full-employment side of their mandate too. The record there looks impressive, with jobless rates near a half-century low. But Fed Vice Chairman Richard Clarida is hinting at another side of the story. At a Minneapolis Fed conference on April 9, ... (full story)