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Un/employment

TermDefinition
Unemployed People 16 years of age or older are considered unemployed.
Employed People who have worked at least one hour in the previous two weeks.
Labor force The number of employed people plus the number of unemployed people.
Unemployment rate The percentage of the labor force that is currently not employed.
Labor force participation rate Percentage of working age population that is classified as employed or unemployed.
Employment to population ratio Percentage of working age population classified as either employed or unemployed.
Marginally attached workers People not considered part of the labor force, and are thus not counted in most official unemployment rates
Discouraged workers A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment in the last four weeks.
Frictional Unemployment The unemployment which exists in any economy due to people being in the process of moving from one job to another.
Structural employment Workers who may lack the requisite job skills, or they may live far from regions where jobs are available but are unable to move there.
Creative Destruction It is a process through which something new brings about the demise of whatever existed before it.
Efficiency Wages Wages that are higher than the market equilibrium.
Cyclical unemployment When business cycles are at their peak, cyclical unemployment will be low because total economic output is being maximized.
Full employment The condition in which virtually all who are able and willing to work are employed.
Natural rate of unemployment It is a combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium.
U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force
U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)
U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers
U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.
Created by: iphotographer-15
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