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Unemployment

TermDefinition
Unemployed The condition of not having a job but being a member of the labor force. Actively searched for work in the last four weeks but are not currently employed.
Employed Those who have worked at least one hour in the previous two weeks.
Labor Force Number of employed persons plus the number of unemployed persons.
Unemployment Rate Equal to the number of unemployed persons divided by the number of people in the labor force
Labor Force Participation Rate The labor force divided by the working age population.
Employment-to-population ratio The number of employed people divided by the working age population.
Marginally attached workers These are people ready and available to work who have conducted a job search within the past 12 months, but have not searched in the last 4 weeks.
"Discouraged workers" People who, for whatever reason, have given up the job search and are not officially classified as unemployed.
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 as opposed to those have quit or those who have entered or reentered the labor force.
U3 The official unemployment rate published by the BLS.
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. Includes all 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 When job seeker's skill sets are not in demand because of geography or obsolescence.
Efficiency Wages A wage that exceeds the market wage.
Cyclical Unemployment Unemployment associated with downturns in the business cycle.
Full Employment The level of employment that exists when the economy is being productively efficient.
Natural rate of unemployment Rate of unemployment that exists when there is no cyclical unemployment present in the economy.
Creative destruction Refers to the ongoing process of technological innovation and industrial decline.
Created by: vsakakibara
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