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Unemployment

TermDefinition
Unemployed People 16 years or older actively searching for work in last 4 weeks and not currently employed
Employed People 16 years or older working at least 1 hour in the previous 2 weeks
Labor force Number of employed and unemployed persons
Unemployment rate Percentage of labor force currently unemployed not a percentage of population
Labor force participation rate Percentage of working age population classified as employed or unemployed
Employment-to-population ratio Percentage of working age population classified as employed
Marginally attached workers People ready and available to work; have searched for a job in the past 12 months but not in last 4 weekends; not included in unemployment rate
Discouraged workers People who stop searching for a job out of frustration; do not meet criterion for unemployed person
U1 classification Only includes people unemployed for 15 weeks or longer
U2 classification Only includes people who have lost a job as oppose to those who have voluntarily quit or those who have entered or reentered the labor force
U3 classification Official unemployment rate
U4 classification Adds discouraged workers
U5 classification Includes all marginally attached workers
U6 classification All inclusive; all previous classifications plus part time workers
Frictional unemployment Occurs when people voluntarily enter labor force or when they are between jobs that they are qualified for
Structural unemployment Occurs when job seekers' skill set is not in high demand because of geography and obsolescence
Creative destruction Term coined by Joseph Schumpter; cause of structural unemployment
Efficiency wages Wages exceed equilibrium market wage; encourages worker productivity
Cyclical unemployment Occurs because of contractions in business cycle
Full employment Occurs when cyclical unemployment is not present in the economy
Natural rate of employment Level of unemployment in economy independent of inflation
Created by: jcbc