CECN640-Unemployment - UNEMPLOYMENT(Chapter 17 and part of...

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UNEMPLOYMENT (Chapter 17 and part of Chapter 18) Highlights 1. The basic theme of chapter 17 is that while the aggregate level of unemployment is one of the most important economic variables (especially for Canadian immigrants), as far as society’s well being is concerned, there are many complexities involved in measuring it and in analyzing its anatomy. 2. The focus of the relevant part of chapter 18 is the types of unemployment, including (a) Frictional unemployment, (b) Structural unemployment, (c) Demand-deficient or Cyclical unemployment, and (d) Seasonal unemployment. (1) Measuring Unemployment 1. There are three primary data sources that are used to measure the unemployment rate: 1) The labour force survey (LFS). This is the most commonly reported source. 2) The census. 3) Administrative data for the employment insurance program. 2. A crucial point is that there are at least three major indicators of the performance of the labour market: (a) The unemployment rate, (b) The labour force participation rate, and (c) The employment rate. A thorough analysis of labour market trends should mention all three, as they do not always move together. 3. Perhaps the toughest issue in measuring the unemployment rate is the treatment of the
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This note was uploaded on 10/12/2011 for the course ECON 640 taught by Professor Brenan during the Spring '11 term at Ryerson.

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CECN640-Unemployment - UNEMPLOYMENT(Chapter 17 and part of...

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