Chapter 28notes

Chapter 28notes - Chapter 28: Unemployment How is...

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Chapter 28: Unemployment How is unemployment measured? Bureau of Labor Statistics conducts a monthly survey of approx/ 60,000 households Categorizes adults (16 years +) into the following categories: 1) Employed: Include workers who are paid as employees, work in own business, work in family business but are unpaid. Also includes workers who are temporarily absent (illness, injury) 2) Unemployed: People who are do not have a job BUT person has tried to find a job within previous four weeks 3) Not in the labor force: any person that is not employed or unemployed (ex/ Full time student, trust fund baby, retirees, homemakers) Statistics: Labor force – employed + unemployed Unemployment rate: Percentage of labor force that is unemployed Labor force participation rate: percentage of adult population that is in labor force Unemployment rate = (total unemployed / labor force) x 100 LFPR = (total # in labor force / total population) x 100 Total population 231,867,000 Total unemployed 7,078,000
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This note was uploaded on 01/31/2010 for the course ECON 1000 at Colorado.

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Chapter 28notes - Chapter 28: Unemployment How is...

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