Jan 28 - Jan 28 Measuring unemployment Employment and...

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Jan 28 Measuring unemployment Employment and unemployment data are compiled by the Bureau of Labor Statistics (BLS) of the Department of Labor The unemployment rate - The unemployment rate is the fraction of the labor force which is unemployed The labor force - The labor force is composed of individuals who (1) are at least 16 years old, (2) are not in the military or living in institutions, and (3) are actively in the labor market An individual is an active participant in the labor market if in the previous week (1) the individual was employed (worked for on e or more hours), (2) was temporarily laid of awaiting recall, or (3) was searching for work The unemployment rate: ( # unemployed)/( # in the labor force)= ( # unemployed)/( # employed + # unemployed) Problems in measuring unemployment (1) Involuntary part-time workers, and (2) Discouraged workers Chapter 6: the monetary system, prices, and inflation
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The Monetary System Money serves three functions: (1) A store of value: a means of storing wealth
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