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Unemployment

What Unemployment is and is Not

TermDefinition
unemployment persons of 16 years or older that have searched for work in the last four weeks and are not emplyed
employed those that have worked an hour in the past 2 weeks
labor force neither criterion of employed or unemployed; it is calculated by the # of employed persons + # of unemployed persons
unemployment rate % of labor force that's not currently employed; it is calculated by unemployed/labor force
labor force participation rate % of working age population classified as either employed or unemployed
employment-to-population ratio % of working age population that is classified as employed
marginal attached workers not considered in the official unemployment rate; they are ready and available to work; they have searched for a job in the last year but gave up in the last 4 weeks
discouraged workers unemployed; do not meet technical definition; they gave up on their job search in frustration
U1 people that are unemployed 15 weeks or more
U2 people who have lost a job, not quit; those who have entered or reentered the work force
U3 those who fall between the cracks of the official rate
U4 discouraged workers
U5 all marginally attached workers
U6 most all-inclusive measure of unemployment and all of the above plus part-time employed because of economic reasons
frictional unemployment occurs when people voluntarily enter the labor force, or when they are between jobs for which they are qualified
structural unemployment occurs when job seekers' skill sets are not in demand because of geography or obsolence
creative destruction ongoing process of technological innovation and industrial decline
efficiency wages those that exceed equilibrium market wage; it is meant to encourage worker productivity
cyclical unemployment occurs because of contractions in the business cycle
full employment occurs when cyclical unemployment is not present in the economy
natural rate of employment when no cyclical unemployment is present in the economy; it can vary
Created by: japostolik
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