Unemployment
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| Unemployed | The condition of not having a job but being a member of the labor force. Must be jobless, yet actively search for a job in the last four weeks.
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| Employed | The condition of having a job.
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| Labor Force | The number of unemployed plus unemployed people age 16 and over.
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| Unemployment rate | The unemployment rate is equal to the number of unemployed persons divided by the number of people in the labor force
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| Labor Force Participation rate | The labor force divided by the working age population.
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| Unemployment-to-population ratio | Percentage of the working age population that is classified as employed.
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| Marginally attached workers | These are people ready and available to work who have conducted job search within the past 12 months but have not searched in the last 4 weeks and aren't included in the unofficial unemployment statistics.
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| "discouraged workers" | People who have given up job searches and are not officially classified as unemployed
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| U1 | The unemployment rate that only includes people unemployed 15 weeks or longer, as published by the BLS.
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| U2 | The unemployment rate that only includes people who have lost a job as opposed to those who have quit or to those who have entered or re-entered the workforce
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| U3 | The official unemployment rate published by the BLS.
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| U4 | The unemployment rate that adds discouraged workers to the official unemployment rate, as published by the BLS.
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| U5 | The unemployment rate that includes all marginally attached workers, as published by the BLS.
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| U6 | Most all- inclusive measure of unemployment as published by the BLS. Includes all those listed in U1-U5 plus those who are employed part time because of economics reasons.
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| Frictional unemployment | Voluntary unemployment that occurs when a person the labor force and looks for a job.
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| Structural unemployment | Unemployment that is caused by the permanent destruction of jobs in a dying industry , a mismatch between employment skills and the seekers' skill sets, and government programs that create incentives to remain unemployed.
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| Creative destruction | Ongoing process of technological innovation and industrial incline.
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| Efficiency wages | A wage that exceeds the market wage.
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| Cyclical unemployment | Unemployment associated with downturns in the business cycle.
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| Full employment | The level of employment that exists when the economy is being productively efficient .
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| Natural rate of unemployment | The rate of unemployment that exists when there is no cyclical unemployment present in the economy.
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