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Employed/Unemployed

TermDefinition
Unemployed Persons 16 years of age or older who have actively searched for work in the last four weeks but are not currently employed.
Employed Those who have worked at least 1 hour in the previous 2 weeks.
Labor Force The number of employed persons plus the number of unemployed persons.
Unemployment Rate A percentage of the labor force that is not currently employed.
Labor Force Participate Rate 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 ready and available to work who have conducted a job search within the past twelve months, but have not searched in the last four weeks.
"Discouraged Workers" Unemployed in the general sense, but because they do not meet the technical definition, the official unemployment rate does not reflect their numbers.
U3 To measure those who fall between the cracks of the official rate.
U1 Only includes people unemployed fifteen weeks or longer.
U2 Only includes people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force.
U4 Adds discouraged workers to the official unemployment rate.
U5 Includes all marginally attached workers.
U6 Measure of unemployment plus those who are employed part-time.
Frictional Unemployment Occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified.
Structural Unemployment Occurs when job seekers' skill sets are not in demand because of geography or obsolescence.
Creative Destruction Innovation occurs, old technologies and industries are destroyed, which frees up the resources for the new technology and its industry.
Efficiency Wages Those that exceed the equilibrium market wage.
Cyclical Unemployment Occurs because of contractions in the business cycle.
Full Employment Occurs when cyclical unemployment is not present in the economy.
Natural Rate of Unemployment Suggest that in the long run there is a level of unemployment that the economy will maintain full employment and experience the natural rate of unemployment most of the time.
Created by: kvasquez15
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