Yep, Sure Does.
Participation rate is: # job holders / +16 yr. old non-institutionalized pop.
So that means: students, domestics, homeless, retired, disabled are all included.
What it doesn't include: kids, and people who can't leave lock-up (mental cases, retirement homes, jails)[b to look for work.
*Lock up use to include military since going AWOL would land you in the brig...but doesn't anymore.