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economy where did my job go

unemplyed The condition of not having a job but being a member of the labor force. A person that is jobless but atcively searching for a job
employed The condition of having a job
labor force the number of employed plus unemployed people age sixteen and over
unemployment rate The unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force.
labor force participation rate labor force divided by the working age of population
marginally attached workers these people ready and available to work who have conducted a job search within the past twelve months but have not search in the last four weeks unemployment statistics
discouraged workers people who for whatever reason have given up the job search and are not officially classify a unemployed
U1 The unemployment rate that only includes people unemployed fifteen weeks or longer, as published by the BLS
u2 The unemployment rate that only includes people who have lost a job as opposed to those who have quit or those who have entered or re-entered the labor force, as publish by the BLS.
U3 The official unemployment rate published by the BLS
U4 The unemployment rate that adds discourage workers to the official unemployment rate as published by the BLS.
U5 The unemployment rate that includes all marginally attached workers, as published by the BLS.
U6 The most all inclusive measure of unemployment as published by the BLS, Includes all listed in U!-U5 plus those who are employed part time because of economic reasons.
Frictional Unemployment Voluntary unemployment that occurs when a person enters the labor force and looks for a job.
Structural unemployment Unemployment that is caused by the permanent destruction of jobs in a dying industry, a mismatch between the skills necessary for employment and the seekers skill sets and government programs that created incentives to remain unemployed.
creative desstruction Policy conducted by either government or the central bank that seeks to limit and inflation reduction on spending, raising taxes and money supply
Efficiency wages A wage that exceeds the market wage.
Cyclical unemployment Unemployed associated with downturns in the business cycle.
Full employment the level of employment that exist when the economy is being productive efficient.
natural rate of unemployment the rate of unemployed that exist when there is no cyclical unemployment present in the economy
Created by: vazquez16



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