To this day, to be officially counted as unemployed, you need to be earning no money at all, and you need to be actively looking for work.
Eternal optimist Treasury Secretary Janet Yellen says she sees a path for avoiding a recession, with inflation down significantly and the economy remaining strong, given a strong jobs market.
"You don't have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years," Yellen exclaimed.
"What I see is a path in which inflation is declining significantly and the economy is remaining strong."
Of course, being the team player she is, Yellen said inflation remains too high.
But she believes it could fall a lot more because of action taken by the Biden administration, including steps to reduce the cost of gasoline and prescription drugs.
Labor Department data out last Friday showed job growth jumped up steeply in January – nonfarm payrolls leaped by 517,000 jobs and the headline unemployment rate dropped to a 53-and-a-half-year low of 3.4%.
The strength in hiring, despite growing layoffs in tech, overnight reduced investor expectations that the Federal Reserve was close to pausing its cycle of hiking interest rates.
Unemployment is Higher Than What They Tell Us