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Unemployment

TermDefinition
Unemployed People who are 16 or older
Employed Having a Job
Labor force The number of employed plus unemployed people
Unemployment rate The unemployment rate is equal to the number of unemployed people
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 Available workers
Discouraged workers People who give up on job searching
U1 People who are unemployed for fifteen weeks or longer
U2 unemployment rate of people who quit their jobs or people who entered or reentered the work force
U3 The official unemployment rate
U4 Unemployment rate of people who are discourage workers
U5 The unemployment rate of people who are attached workers
U6 The most unemployed people
Frictional unemployment people who are looking for jobs
Structural unemployment permanent destruction of jobs in a dying industry
Creative destruction the ongoing process of technological innovation and industrial decline
Efficiency wages A wage that exceeds the market wage
Cyclical unemployment downturns in the business cycle
Full employment the level of employment that exists when the economy is being productive
Natural rate of unemployment when there's no cyclical unemployment present in the economy
Popular Economics sets

 

 



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