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<p>The Census Bureau survey that collects this information for the Bureau of Labor Statistics, the Current Population Survey, asks specific questions that determine this. Anyone who works less than full time is asked if they want to work full time. They are asked why not if they say no. People who are unemployed are asked what they have been doing to look for work, when they last worked, and why they think they can’t get work, and so forth. It really is very thorough. (People who say that they are retired are also asked if they would like to work.)</p>
<p>As for being laid off in your 50s…the 40s is just about as bad. We can attest to that. H has an MBA from a top 10 program that kids here are always hoping to get into, is a CFA, and had 20+ years of experience with well-known companies when his department was liquidated after a takeover. He was grossly underemployed or unemployed for roughly 12 years. He now has a satisfying job in his field again, but makes about what he did in 1995. Possibly less, since there isn’t a bonus. Some kids my S knows are making more money than he does straight out of college with no MBA or CFA.</p>
<p>I have a BIL in Michigan who is a CPA who hasn’t been able to find anything other than short term contract work for a decade. And often couldn’t get that.</p>
<p>BTW, H worked as an adjunct teaching two courses at a local college at one point. I believe that the compensation was something like $1800 per course. He also worked as a tutor for $20 per hour.</p>