Brief Nonemployment
A Necessary Economic Indicator
C. Eugene Steuerle, Christopher Spiro
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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.
Research Areas Economic mobility and inequality Wealth and financial well-being Aging and retirement
Tags Social Security Employment and income data Pensions