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Employed/Unemployed

TermDefinition
Unemployed Persons 16 years or older that have actively searched for work in the last four weeks but aren't currently employed
Employed Persons 16 years or older that have worked at least one hour in the previous two weeks
Labor Force The number of employed person 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 employed or unemployed
Employment to Population Ration 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 people unemployed 15 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
U3 Official unemployment rate
U4 Includes discouraged workers
U5 Includes marginally attached workers
U6 Includes all of the above plus those who are employed part-time because of economic reason
Frictional unemployment Occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified
Structional unemployment Occurs when job seekers' skill sets aren't in demand because of geography or obsolescence
Creative destruction As innovation occurs, old technologies and industries are destroyed, which frees up the resources for new technology and its industry
Efficiency wages Wages that exceed the equilibrium market wage
Cyclical unemployment Contractions in the business cycle
Full employment Occurs when cyclical unemployment isn't present in the economy, the goal that policy makers seek to maintain
Natural rate of unemployment The lowest rate of unemployment that an economy can sustain over the long run
Discouraged Workers People who have given up the job search and not officially classified as unemployed
Created by: ddotkazimoto
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