This is the next term they will try to redefine. Stagflation. According to the Oxford language dictionary, Stagflation is characterized by persistent high inflation, coupled with high unemployment, but with stagnant demand.
When you look at our unemployment numbers, they look good, until you realize that we're coming out of the Covid pandemic, in which millions of people dropped out of the labor force and are no longer considered unemployed. When you look at the labor force participation rate, you will notice that there are a lot of people who are still not back at work.
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FRED currently defines "labor force participation" as having worked for pay in the last month.
That might be the next definition they monkey with.
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