But isn’t that just because people have given up looking for work, and hence no longer count as unemployed? Actually, no. Remember those aging baby boomers: the fraction of American adults who are in their prime working years is falling fast. Once you take the effects of an aging population into account, the numbers show a substantial improvement in the employment picture since the summer of 2011.

And yet we read from the BLS:

http://bls.gov/news.release/empsit.nr0.htm
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose from 8.0 million in August to 8.6 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

DB2