I thought “underemployment” referred to people working less than full-time (or less than they want) and/or working at a job far below their skill level, e.g. a

I thought “underemployment” referred to people working less than full-time (or less than they want) and/or working at a job far below their skill level, e.g. a skilled machinist or college graduate working as a cashier. But yes, the standard unemployment rate that’s talked about does not account for a lower participation rate, people who could be working or looking for a job but aren’t.