In article , krw wrote:

No, it's the number of people

looking_for_employment/employed+looking_for_employment

If you aren't seeking employment you are *NOT* counted as
unemployed. ...seems to make sense to me!

It's not that simple. The formula is political and for instance does not
include people who have run out of unemployment benefits but are still
seeking employment. It counts people who accepted jobs that pay a small
fraction of what they used to make because their unemployment ran out but
are still looking as employed. There are a bunch more if-then-elses but
you can find those on your own time.