Unemployment and Employment
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| Unemployed | Persons 16 years or older who have looked for work in the last four weeks and are not currently employed
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| Employed | People who have worked at least one hour in the last two weeks
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| Labor Force | Employed+Unemployed
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| Unemployment rate | The percentage of the labor force not currently employed
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| Labor force participation rate | The percentage of the working age population classified as either employed or unemployed
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| Employment to population ratio | The percentage of the working age population that is classified as employed
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| Marginally attached workers | People who have conducted a job search in the past twelve months but have not searched in the last twelve weeks
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| U1 | Includes U3, and people unemployed 15 weeks or longer
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| U2 | Includes U3, and people who have lost their jobs
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| U3 | Official unemployment rate
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| U4 | Includes U3, and discouraged workers
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| U5 | Includes U3, and marginally attached workers
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| U6 | Includes U1-5, and part-time workers
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| Frictional employment | When people voluntarily enter the work force, in between jobs they are qualified for
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| Structural Unemployment | Job seekers whose skill sets are not in demand
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| Creative Destruction | When old technologies and industries die out due to innovation, freeing resources for new technologies and industries
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| Efficancy wages | Wages that exceed equilibrium market wage
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| Cyclical unemployment | Contractions in the business cycle
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| Full employment | When cyclical employment is not present in the economy
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| Natural rate of unemployment | The level of unemployment the economy maintains independent of inflation
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| Discouraged Workers | Unemployed people who have given up searching
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lzermeno1
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