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Unemployment

period 3

TermDefinition
unemployment actively searched for work in the last 4 wks but are not currently employed
employed worked at least 1 hr in the previous 2 wks
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-to-population ratio % of population classified as employed
marginally attached workers people ready and available to work, conducted job search in past yr, but have not searched in past 4 wks
discouraged workers do not meet the technical definition
U1 unemployed for +15 wks
U2 lost a job compared to those who have quit or re-entered force
U3 those who fall between the cracks of official rate
U4 discouraged workers or demotion
U5 usually marginally attached workers
U6 most all-inclusive measure of unemployment; includes U1-U5 plus those who are employed part-time
frictional unemployment when people voluntarily enter labor force or are between jobs for which they qualify
structural unemployment job seekers' skill sets are not in demand because of geography or obsolescence
creative destruction as innovation occurs, old technologies and industries are destroyed, which frees up resources
efficiency wages exceed equilibrium market wage. Purpose = to encourage productivity
cyclical unemployment contractions in business cycle, not voluntary nor mismatched, but lack of spending // creates feedback loop
full unemployment cyclical is not present // optimum production
natural rate of unemployment in long run, there is a level of unemployment that maintains independent of the inflation rate
Created by: rbaldonado15
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