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Docta Steuter ch 14

TermDefinition
Unemployed Persons 16+ if you have actively searched for work in the last 4 weeks but are not currently employed
Employed Those who have worked at least one hour in the previous two weeks
Labor Force # of employed persons plus the number of unemployed persons
Unemployment rate % of the labor force that is not currently employed
Labor Force Participation rate % of the working age population classified as either employed or unemployed
Employment population ratio % 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 12 months, but not searched in the last 4 weeks.
Discouraged workers People who have given up on a job search due to frustration
Frictional unemployment when people voluntarily enter the labor force, or when they are between jobs for which they are qualified
Structural unemployment When job seekers' skill sets are not in demand because of geography or obsolescence
Creative Destruction As innovation occurs, old technologies and industries are destroyed
Efficiency wages Those that exceed the equilibrium market wage. Encourages worker productivity
Cyclical Unemployment Unemployment associated with downturns in the business cycle
Full Employment Occurs when cyclical unemployment is not present in the economy
Natural rate of unemployment Suggests that in the long run there is a level of unemployment that the economy maintains independent of the inflation rate.
U3 official employment rate2
U1 unemployed 15 weeks or longer0
U2 lost a job as opposed to quit/reentered1
U4 adds discouraged works to official rate3
U5 all marginally attached workers 4
U6 includes UI-5 & people employed part-time b/c of economic reasons
Created by: mel1
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