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(Un)Employment

Unemployment and Employment

TermDefinition
Unemployed Persons 16 years or older who have looked for work in the last four weeks and are not currently employed
Employed People who have worked at least one hour in the last two weeks
Labor Force Employed+Unemployed
Unemployment rate The percentage of the labor force not currently employed
Labor force participation rate The percentage of the working age population classified as either employed or unemployed
Employment to population ratio The percentage of the working age population that is classified as employed
Marginally attached workers People who have conducted a job search in the past twelve months but have not searched in the last twelve weeks
U1 Includes U3, and people unemployed 15 weeks or longer
U2 Includes U3, and people who have lost their jobs
U3 Official unemployment rate
U4 Includes U3, and discouraged workers
U5 Includes U3, and marginally attached workers
U6 Includes U1-5, and part-time workers
Frictional employment When people voluntarily enter the work force, in between jobs they are qualified for
Structural Unemployment Job seekers whose skill sets are not in demand
Creative Destruction When old technologies and industries die out due to innovation, freeing resources for new technologies and industries
Efficancy wages Wages that exceed equilibrium market wage
Cyclical unemployment Contractions in the business cycle
Full employment When cyclical employment is not present in the economy
Natural rate of unemployment The level of unemployment the economy maintains independent of inflation
Discouraged Workers Unemployed people who have given up searching
Created by: lzermeno1
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