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The jargon exists because the category is useful in answering the question "how is the economy doing". If we included people who are retired then we would see
by zimzam 8y ago
The jargon exists because the category is useful in answering the question "how is the economy doing".
If we included people who are retired then we would see unemployment go up and down in correlation with generation sizes: when the baby boomers retire the number of "unemployed" people would go up dramatically. But that confuses the picture of whether businesses are hiring.
- esbranson 8y agoHence why the question should be and is limited to ages 25-54 year olds. A "retired" 25 year old should be included in the definition of unemployment. However, the 25-54 unemployment rate (the opposite of the "employment rate") is not calculated by state or locality in the US.