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Unemployment definitions

Unemployed people 16 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 one hour in the previous two weeks
Labor force the number of employed 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. (about 65% in the U.S.)
Employment-to-population ratio the percentage of the working age population that is classified as employed
Marginal attached workers not considered in the official unemployment rate; these are people ready and available to work, who have conducted a job search in the last four weeks.
Discouraged workers person of legal employment age of who is not actively seeking a job or who does not find employment after long-term unemployment
U3 measures those who fall between the cracks of the official rate
U1 only includes people unemployed 15 weeks or longer
U2 only includes those who have lost a job
U4 adds discouraged workers to the official unemployment rate
U5 includes all marginally attached workers
U6 the most all-inclusive measure of unemployment; all of the above plus all those part-timers for economic reasons
Frictional Unemployment occurs when people voluntarily enter the labor force, or when they are between jobs for which they qualify; It is frictional because the labor market does not automatically match up all available jobs with all available workers
Structural Unemployment occurs when job seekers' skill sets are not in demand because of geography or obsolescence; a solution for structural unemployment is educating and retraining
Creative destruction the outcome of structural unemployment
Efficiency wages those that exceed the equilibrium market wage. Its purpose is to encourage worker productivity
Cyclical Unemployment occurs because of contractions in the business cycle; creates a feedback loop
Full Employment occurs when cyclical unemployment is not present in the economy
Natural Rate of Unemployment exists when there is no cyclical unemployment present in the economy; thought to be independent of inflation
Created by: grodriguez15



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