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Module 12

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The Calculation of Unemployment - Fill-in-the-Blank

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Module 12Version en ligne

The Calculation of Unemployment - Fill-in-the-Blank

par Zachary Foust
1

over jobless over labor available looking Bureau States looking United Census looking sample sum force unemployed working job

People are employed if and only if they have a .

The is the federal agency that collects data on unemployment .

People are unemployed if they are , for jobs , and available for work .

Retired people don't count as unemployed because they aren't for jobs .

The disabled don't count as unemployed if they aren't for work .

A country's labor force is the of the employed and the unemployed .

Another way to define the labor force is the sum of the people who are currently and the people who are currently for work .

The labor force participation rate is the share of the working age population that is in the .

Labor force participation rate = labor force the population age 16 and older

The unemployment rate is the percentage of the total number of people in the labor force who are .

Unemployment rate = number of unemployed workers the labor force

To estimate the unemployment rate , the United States Census Bureau carries out a monthly survey called the Current Population Survey , which involves interviewing a random of American families .

2

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The unemployment rate is a good of how easy or difficult it is to find a job given the current state of the economy .

When the unemployment rate is , nearly everyone who wants a job can find one .

Although the unemployment rate is a good indicator of current labor market conditions , it is not a measure .

An individual who has looking for a job isn't counted as unemployed .

Individuals who want to work but aren't currently because they see little prospect of finding a job are known as discouraged workers .

Discouraged workers are part of a group known as marginally attached workers .

Marginally attached workers are people who say they would to have a job and have looked for work in the recent past but are not currently looking for work .

Another category of workers who are in their ability to find work but aren't counted as unemployed are the underemployed .

The underemployed are workers who would like to work more or who are for their jobs .

The is the federal agency that calculates the official unemployment rate .

The Bureau of Labor Statistics also calculates " measures of labor utilization " that include frustrated workers such as marginally attached workers and the underemployed .

is the sum of frustrated workers and the unemployed .

The unemployment rate varies greatly among groups .

Other things equal , jobs are generally easier to find for more workers and for workers during their working years ( ages 25 to 54 ) .

For workers and workers nearing age , jobs are typically harder to find .

3

inverse rose fell

There is a generally strong relationship between the real GDP growth rate and the unemployment rate .

Years of high growth in real GDP are years in which the unemployment rate .

Years of negative growth in real GDP are years in which the unemployment rate .

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