13 UNEMPLOYMENT

13 UNEMPLOYMENT - SECTION 13 UNEMPLOYMENT UNEMPLOYMENT AND EMPLOYMENT EMPLOYMENT ACT OF 1946 It is the responsibility of the Federal government to

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Unformatted text preview: SECTION 13: UNEMPLOYMENT UNEMPLOYMENT AND EMPLOYMENT EMPLOYMENT ACT OF 1946: It is the responsibility of the Federal government to seek “maximum employment” CIVILIAN NONINSTITUTIONAL POPULATION (CNP) DEFINITION: Monthly Labor Review All persons age 16 and over who are not inmates of penal or mental institutions, sanitariums, or homes for the aged, infirm or needy This is the potential labor force It includes students, old people and retirees EMPLOYED (E) 1. Worked for pay any time during the week which includes the 12 th day of the month 2. Worked unpaid for 15 hours or more in a family-operated business 3. Temporarily absent due to illness, vacation, etc. A person with 2 jobs is counted only once. UNEMPLOYED (U) 1. Did not work during the survey week 2. Available for work 3. Had looked for jobs within the preceding 4 weeks or 4. Did not look for work because they were laid off Persons who do not have a job, would like one, and are actively seeking a job NOT IN THE LABOR FORCE (N) Everyone in the civilian noninstitutional population who is not classified as employed or unemployed CIVILIAN LABOR FORCE (LF) = Employed + Unemployed = All employed or unemployed persons in the Civilian Noninstitutional Population = all individuals who have a job or are actively seeking work LF = E + U LF ignores people in the military UNEMPLOYMENT RATE = Number unemployed as a percentage of the labor force = (Unemployed / Labor Force) x 100% = U / LF x 100% \EMPLOYMENT RATE = Number employed as a percentage of the labor force = (Number employed / labor force) x 100% = E / LF x 100% LABOR FORCE PARTICIPATION RATE = Labor force as a percentage of the civilian noninstitutional population = (Labor force / civilian noninstitutional population) x 100% = (LF / CNP) x 100% EXAMPLE: Population in 2000 = 272.8 million 1. Under 16, military, institutionalized 64.0 million 2. Employed 135.2 million 3. Unemployed 5.7 million 4. Not in labor force 67.9 million ____ Total 272.8 million Civilian noninstitutional population...
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This note was uploaded on 04/07/2008 for the course ECON 0110 taught by Professor Kenkel during the Spring '08 term at Pittsburgh.

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13 UNEMPLOYMENT - SECTION 13 UNEMPLOYMENT UNEMPLOYMENT AND EMPLOYMENT EMPLOYMENT ACT OF 1946 It is the responsibility of the Federal government to

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