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Chapter 10 - 1 2 3 4 5 6 Chapter 10 Unemployment...

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Chapter 10 – Unemployment 1. Identifying Unemployment a. How is it measured? i. Job of the Bureau of Labor Statistics (BLS) ii. Gathers data from 60,000 households called the Current Population Survey. iii. 3 Categories 1. Employed – Those who worked as paid employees, in their own business, or as unpaid workers in a family member’s business. 2. Unemployed – Those who were available for work and had tried to find employment within the past 4 weeks. 3. Not in the labor force – Those outside both categories, including full-time student, homemaker, or retiree. iv. Labor Force = Number of employed + Number of unemployed. v. Unemployment Rate = percentage of the labor force that is unemployed 1. (Unemployed Divided by Labor Force) X 100. 2. Used for entire population and narrower groups like race or gender. vi. Labor-Force Participation Rate – Percentage of total adult population of the US in the labor force 1. = (Labor force divided by adult population) X 100 2. How long are the unemployed without work? a. Most spells of unemployment are short, and most unemployment observed at any given time is long-term. 3. Why is there always unemployment? a. Unemployment rate never falls to zero, but fluctuates around the natural rate on unemployment.
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