ch21lecture - Jobs and Unemployment CHAPTER 21 CHAPTER...

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Jobs and Unemployment CHAPTER 21
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When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Define the unemployment rate and other labor market indicators. 1 Describe the trends and fluctuations in the indicators of labor market performance in the United States. Describe the sources and types of unemployment, define full employment, and explain the link between unemployment and real GDP. 2 3
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21.1 LABOR MARKET INDICATORS Current Population Survey Every month, 1,600 interviewers working on a joint project of the Bureau of Labor Statistics (BLS) and the Bureau of the Census survey 60,000 households to establish the age and job market status of each member of the household. Working-age population Total number of people aged 16 years and over who are not in a jail, hospital, or some
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21.1 LABOR MARKET INDICATORS The working-age population is divided into those in the labor force and those not in the labor force. Labor force The number of people employed plus the number unemployed.
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21.1 LABOR MARKET INDICATORS Population Survey Criteria The survey counts as employed all persons who, during the week before the survey: 1. Worked at least 1 hour in a paid job or 15 hours unpaid in family business. 2. Were not working but who had jobs from which they were temporarily absent.
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21.1 LABOR MARKET INDICATORS The survey counts as unemployed all persons who, during the week before the survey: 1. Had no employment 2. Were available for work, and either: 1. Had made efforts to find employment during the previous four weeks, or 2. Were waiting to be recalled to a job from
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21.1 LABOR MARKET INDICATORS Figure 21.1 shows population labor force categories. The figure shows the data for May 2005.
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21.1 LABOR MARKET INDICATORS Two Main Labor Market Indicators The unemployment rate The labor force participation rate Unemployment rate The percentage of people in the labor force who are unemployed. Unemployment rate = Number of people unemployed x 100 Labor force
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Labor force participation rate The percentage of the working-age population who are members of the labor force. Labor force
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ch21lecture - Jobs and Unemployment CHAPTER 21 CHAPTER...

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