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Unemployment
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Where did my job go?

Labor Force Vocab

TermDefinition
Unemployment actively searching for work for the last four weeks, but are not currently employed.
Employed those who have worked at last one hour in the previous two weeks.
Labor Force the number of employed persons plus the number of unemployed persons.
Unemployment Rate a percentage of the labor force that is not currently emplyed.
Labor Force Participation Rate the percentage of the working age population classified as either employed or unemployed.
Employment-to-Population-Ratio percentage of working age population that is classified as employed.
Marginally Attached Workers people ready and available to work, who have conducted a job search withing the past twelve months, but have not searched in the past four weeks.
"Discouraged Workers" unemployed in the general sense, but because they do not meet the technical definition, the unemployment rate does not reflect their numbers. Stopped the job search because of frustration.
U3 measures those who fall between the cracks of the official rate.
U1 only includes people unemployed 15 weeks or longer
U4 adds discouraged workers to the official unemployment rate.
U5 includes all marginally attached workers.
U6 the most all-inclusive measure of unemployment and includes all of the above plus those who are employed part-time because of economic reasons.
Frictional Unemployment people voluntarily enter the labor force, or when they are between jobs for which they are qualified.
Structural Unemployment job seekers' skill sets are not on demand because of geography or obsolescence.
Creative Destruction ongoing process of technological innovation and industrial decline.
Efficiency Wages those that exceed market equilibrium wage.
Full Employment occurs when cyclical unemployment is present in the economy.
Natural Rate of Unemployment in the long-run there is a level of unemployment that the economy maintains independent of the inflation rate.
U2 Only includes people who have lost a job as opposed to those who have quit or those who have re-entered the labor force.
Cyclical Unemployment occurs because of contractions in the business cycle.
Created by: Mary-Jo
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