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Unemployment

TermDefinition
Unemployed people sixteen years and older who have actively searched for work in the last month but are not currently employed
Employed people who have worked for at least one hour in the past two weeks
Labor force the number of employed people plus the number of unemployed people
Unemployment rate a percentage of the labor force that is not currently employed
Current population survey surveys in which households are questioned about their participation in the labor force
Labor force participation rate percentage of the working population classified as employed or unemployed
Employment-to-population ratio percentage 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 year but not in the last month
Discouraged workers people who have given up the job search due to frustration
U1 only includes people that have been unemployed for fifteen weeks or longer
U2 only includes people who have lost their job, not quit or switched jobs
U3 measures those who have fallen between the cracks of the official rate
U4 adds discouraged workers to the official unemployment rate
U5 includes all marginally attached workers into the official rate
U6 includes all of the above (U1-5) plus those employed part time for economic reasons
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 when innovation and technology advancements cause old industries and skill sets to die out and new technology/industries replace them
Cynical unemployment occurs because of contractions in the business cycle and creates a feedback loop
Full employment occurs when cynical unemployment is not present in the economy
Natural rate of unemployment a level of unemployment that the economy maintains independent of inflation rates
Created by: etanner
Popular Economics sets

 

 



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