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unemployment

TermDefinition
unemployed persons sixteen years or older that have looked for a job in the last four weeks, but are still currently not employed
employed persons that have worked at least an hour in the last two weeks
labor force the number of employed persons and the unemployed persons, but those who fit neither of these are not considered in the labor force
unemployment rate the percentage of the labor force that is currently unemployed
labor force participation rate percentage of the working age population classified as either employed or unemployed
marginally attached workers these are persons that have conducted a job search in the last twelve months, but have not searched in the last four weeks
discouraged workers are unemployed in a general sense but since they don't meet the technical definition, there unemployment does not have an affect on official unemployment rate
U1 the unemployment rate that only includes people unemployed fifteen weeks or longer
U2 the unemployment rate that only includes people who have lost a job a opposed to those who have quit or those who have entered or re-entered the labor force
U3 the official unemployment rate
U4 the unemployment rate that adds discouraged workers to the official unemployment rate
U5 the unemployment rate that includes all marginally attached workers
U6 the most all-inclusive measure of unemployment, which includes all those listed in the U1-U5 plus those who are employed part time because of economic reasons
fictional unemployment occurs when people voluntarily enter the labor force or when they are between jobs for which they are qualified
structural unemployment occurs when a workers skill sets are not in demand because of geography or obsolescence
creative destruction refers to the ongoing process of technological innovation and industrial deline
efficiency wages those that exceed the equilibrium market wage
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 unemployment occurs when there is no cyclical unemployment present in the economy
employment-to-population ratio the percentage of the working age population that is classified as employed
Created by: meads16
 

 



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