MACROecon Ch 17 reading notes.docx - Ch.17 Reading Notes...

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Ch.17 Reading Notes – Unemployment Unemployment rate – unemployed/labor force Labor force (employed + unemployed) Examples: The BLS doesn’t count discouraged workers (those who don’t look for a job because they feel they don’t have a chance of finding one); Keynesians argue that the BLS undercounts unemployment significantly BLS considers part-time workers as full time Labor force participation rate – measures the labor force as a percentage of the total population at least 16 years old The number of persons unemployed for long periods as a percentage of the labor force is lower than the overall unemployment rate The number of persons unemployed for long periods as a percentage of the labor force is much lower than the overall unemployment rate Cyclical unemployment: employment that changes due to business cycles such as a recession Structural unemployment: changes in the structure of the economy (such as technology); robots replacing auto workers
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