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Employed/Unemployed

TermDefinition
Unemployed Persons sixteen years of age or older are considered unemployed if they have actively searched for work in the last four weeks but are not currently employed.
Employed The employed are those who have worked at least one hour in the previous two weeks.
Structural Unemployment Structural unemployment occurs when job seeker's skill sets are not in demand because of geography or obsolescence.
Cyclical Unemployment Cyclical unemployment occurs because of contraction in the business cycle.
Frictional Unemployment Frictional unemployment occurs when people voluntarily enter the labor force or when they are between jobs for which they are qualified.
Full Employment Full employment occurs when cyclical unemployment is not present in the economy. This economic nirvana is the goal that policymakers seek to maintain.
Efficiency Wages Efficiency wages are those that exceed the equilibrium market wage.
Unemployment Rate The Unemployment rate that you hear quoted in the news is not a percentage of population, but a percentage of the labor force that is not currently employed.
Discouraged Workers Discouraged workers are unemployed in the general sense, but because they do not meet the technical definition, the official unemployment rate does not reflect their numbers.
Marginally Attached Workers Marginally attached workers are not considered in the official unemployment rate. These are people ready and available to work, who have conducted a job search within the past twelve months, but not searched in the last four weeks.
Natural Rate of Unemployment The natural rate of unemployment suggests that in the long run there is a level of unemployment that economy maintains independent of the inflation rate.
Labor Force Labor force is the number of employed persons plus the number of unemployed persons.
Labor Force Participation Rate Labor force participation rate is the percentage of the working age population classified as either employed or unemployed.
U3 The official unemployment rate.
Creative Destruction Structural unemployment is often the outcome of what the economist Joseph Schumpeter called creative destruction.
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 the most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons.
Employment to Population Ration The percentage of the working age population that is classified as employed
Created by: hmao15
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