Defining_Macro_Variables_--_Unemployment-1

Defining_Macro_Variables_--_Unemployment-1 - Econ 1021 Fall...

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Defining Macro Variables: Unemployment Outline: 1. Defining & Measuring the unemployment rate 2. Other Labor Market statistics 3. Does the unemployment rate capture the severity of a recession? 4. Reasons for unemployment a) “full employment” & Potential real GDP 5. Costs of unemployment a) Okun’s Law Econ 1021 Fall 2009 Reading:   pp. 149-157, 162-166, 203-208 from Macroeconomics in Context
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The unemployment rate in United States since 1929 2
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Labor Force Statistics from the Current Population Survey (1/99 – 9/09) Source:  Bureau of Labor Statistics, Current Population Survey http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?request_action=wh&graph_name=LN_cpsbref3 4.3% 5.7% 6.3% 4.6% 9.8%
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Measuring the Unemployment Rate unemployment rate = (# people unemployed ÷ the civilian labor force)(100%) BLS current Employment Report Adult population In the civilian labor force Not in the civilian labor force employed unemployed, but actively seeking employment 154,066 82,316 138,864 15,142 Sept 2009 Seasonally adjusted In thousands US population 307,630 236,382
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Unemployment Rate (2005)
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