[Related to the Chapter Opener] An article in the New York Times noted that the fraction of
Question:
[Related to the Chapter Opener] An article in the New York Times noted that the fraction of people who are retiring in their 50s has been increasing.
a. Are these people counted as unemployed in the BLS data? Briefly explain.
b. The article also reported that the number of people between the ages of 25 and 54 who were not in the labor force because of a disability had declined by about 1 million between 2014 and 2018.
Holding other factors constant, briefly explain the effect this decline had on the following BLS statistics:
i. The unemployment rate
ii. The labor force participation rate
iii. The employment–population ratio.
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a No people who retire in their 50s are not counted as unemployed in the BLS Bureau of Labor Statist...View the full answer
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