Final answer:
Opportunity youth is the term for young adults who have been overlooked economically but represent potential in the workforce. College graduates who are job-seeking are considered unemployed. While the U.S. unemployment rate hasn't risen long-term, young and Non-White individuals can experience higher unemployment rates.
Step-by-step explanation:
The term that best describes 5 million bright and capable young adults who have been ignored, forgotten, and largely written off, yet should be seen as economic assets, is Opportunity youth. These individuals are typically categorized as being out of school and out of work, and they represent a considerable potential for the labor force if given the right opportunities and support.
In the context of unemployment, when college students graduate and begin looking for a job, they are considered part of the unemployed population. This is because they are now willing and able to work, and are actively seeking employment. It's important to note that the U.S. unemployment rate has shown no long-term rising trend despite significant changes in the economy, although certain groups like the young and Non-White populations often face higher rates of unemployment.