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Unemployment
Where did my job go?
| Term | Definition |
|---|---|
| Unemployed | people the age of 16 or higher who 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 weks |
| labor force | the number of employed persons plus the number of unemployed persons |
| labor force participation rate | the percentage of the working age population that is 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 | are not considered in the unemployment rate; they are ready to work and have searched for jobs in the past 12 months but not the past 4 weeks |
| discouraged workers | are not considered unemployed because they do not meet the technical definition; they gave up their job search out of frustration |
| U1 | only 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 published by the BLS |
| U4 | adds discouraged workers to official unemployment rate |
| U5 | includes all marginally attached workers |
| U6 | most all inclusive measure of unemployment and includes off 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 in between jobs for which they are qualified |
| Structural unemployment | occurs when a job seeker's skill sets is not in demand because of geography or obsolescence |
| Efficiency wages | are those that exceed the equilibrium market wage |
| Creative destruction | refers to the ongoing process of technological innovation and industrial decline |
| Cyclical unemployment | occurs because of contractions in the business cycle |
| Full employment | occurs when the cyclical unemployment is not present in the economy |
| Natural rate of unemployment | rate of employment that exists when there is no cyclical unemployment present in the economy; independent of the inflation rate |
| unemployment rate | a percentage of the labor force that is not currently employed |
Created by:
artyalarcon
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