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I am not a fan of using calculations like the unemployment rate that rely on the definition of the labor force because entry and exit into the labor force can be counter-cyclical: more people exit the labor force when they perceive the economy to be weak, which "helps" a president given the way the unemployment rate is calculated, and vice versa.
They either exit the labor force, stay unemployed, or find a formal job.
Also, overworked mothers are more likely to exit the labor force entirely, typically in male-dominated occupations (Cha 2013).
Hence, there is a non-negligible fraction of individuals that exit the labor force well before they are 65.
As will be explained later, in the current context, most of those who lose their informal jobs either exit the labor force or stay unemployed.
Alternatively, there could be a health/caregiving shock to the family, leading one spouse to quit a second job and the other spouse to exit the labor force.
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Though their pension systems may be strained, people in many countries with stronger safety nets are still exiting the labor force in lockstep despite the global recession.
With more than 200,000 boomers exiting the labor force each month through retirement, the rule of thumb that the economy needs to add 140,000 jobs per month to keep up with population growth no longer holds.
Table 11 Effect of AUH on the probability of exiting the labor force.
At any point, there is a possibility that the agent exits the labor force.
If they have one employee, they will cease to exist if that one employee exits the labor force.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com