The unemployment numbers refer only to people who receive Unemployment Compensation. Once someone is no longer eligible they're no longer counted.
The BLS has the number of 96 million of working age Americans out of the workforce with "working age" being defined as being from 16 to 65.
You are correct that the BLS stops counting people after falling off the Compensation rolls. But the does not change the fact the person still is unable to get a job. The BLS changed their Unemployment formulas to reflect better employment numbers for political agendas. I recommend the work by John Williams at Shawdowstats. http://www.shadowstats.com/alternate_data
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