Nonemployment

Brief

Nonemployment

A Necessary Economic Indicator

Abstract

For most policymakers, the principal indicator of the labor force's relationship to the economy for the last 60 years has been the unemployment ratea measure that, while still useful, is not broad enough to reflect some of the important changes taking place in the labor force today. In particular, the unemployment rate does not capture the effects of retirement, which has displaced involuntary unemployment as the primary source of men's nonemployment. Clearly, it is time to rethink how labor force statistics are reported and used.

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