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Ch06 - CHAPTER CHECKLIST When you have completed your study...

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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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Jobs and Unemployment Jargon, jargon, jargon …. This chapter contains a lot of terms and definitions – sorry about that, nothing you can do about it except just learn them all. » There are also some useful facts and a couple of important ideas – stay alert for them.
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6.1 LABOR MARKET INDICATORS Current Population Survey Every month, the U.S. Census Bureau surveys 50,000 households to establish the sex, 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 other form of institutional care.
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6.1 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. Jargon watch: “Employed” means ‘having gainful activity’ – you don’t have to be working for someone else, it includes the self-employed.
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6.1 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 or self- employment. 2. Did not work but had jobs from which they were temporarily absent [e.g sick, on vacation].
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6.1 LABOR MARKET INDICATORS The survey counts as unemployed all persons who, during the week before the survey: 1. Had no employment [gainful activity]; 2. Were available for work; and either: 3a. Had made efforts to find employment during the previous four weeks, or 3b. Were waiting to be recalled to a job from which they had been laid off.
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6.1 LABOR MARKET INDICATORS Figure 6.1 shows population labor force categories.
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