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Unemployment

Unemployment/employment vocab

TermDefinition
unemployed people sixteen or older who have searched for work in the last four weeks, but are not currently employed
employed those who have worked at least one hour in the previous two 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 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 ready and available to work, who have conducted a job search within the past twelve months
"discouraged workers" people who have given up the job search in frustration
U3 used 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 includes all of the above plus those who are employed part time because of economic reasons
frictional unemployment people voluntarily enter the labor force, or when they are between jobs for which they are qualified
structural unemployment job seekers skill sets are not in demand because of geography or obsolescence
creative destruction innovation occurs, old technology/industires destroyed, which frees up the resources for the new technology and its industry
efficiency wages those that exceed the equilibrium market wage
cyclical unemploymemt contractions in the business cycle
full employment cyclical unemployment is not present in the economy
natural rate of unemployment lowest rate of unemployment that an economy can sustain over the long run
Created by: jcurfmanator