Employed 13347 million unemployed 792 million

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Unformatted text preview: 133.47 million – Unemployed: 7.92 million unemployment rateJuly 2003 7.92 = 5.6% 133.47 + 7.92 2000 1990 1980 1970 1960 1950 235.8 212.6 189.2 167.7 137.1 117.2 105.0 Population 16 Years Old or Over (Millions) (1) 154.1 142.6 125.8 106.9 82.8 69.6 62.2 Labor Force (Millions) (2) 139.9 136.9 118.8 99.3 78.7 65.8 58.9 Employed (Millions) (3) 14.3 5.7 7.0 7.6 4.1 3.9 3.3 Unemployed (Millions) (4) 65.4 67.1 66.5 63.8 60.4 59.4 59.2 Labor Force Participation Rate (Percentage Points) (5) 9.3 4.0 5.6 7.1 4.9 5.5 5.3 Unemployment Rate (Percentage Points) (6) TABLE 7.1 Employed, Unemployed, and the Labor Force, 1950–2009 2009 Note: Figures are civilian only (military excluded). TABLE 7.2 Unemployment Rates by Demographic Group, 1982 and 2010 10.8 9.6 9.0 8.1 21.3 15.4 17.4 11.8 39.9 9.5 8.6 8.9 7.1 23.2 June 2010 20+ 20+ 16–19 20.2 19.3 16.5 49.5 November 1982 Total White Men Women Both sexes 20+ 20+ 16–19 Years African American Men Women Both sexes 8.5 9.9 10.7 7.1 11.2 12.5 10.2 9.5 8.6 9.1 5.6 1975 9.7 9.9 8.2 11.3 7.9 15.5 9.0 8.6 9.0 12.5 6.9 1982 6.7 7.5 7.3 7.1 9.0 9.2 6.6 7.2 5.8 6.4 6.6 1991 6.0 6.7 5.1 6.7 5.8 7.3 5.9 6.3 6.5 6.1 6.8 2003 9.7 12.4 11.7 10.8 9.2 13.6 9.7 8.3 10.3 10.7 8.3 2010 TABLE 7.3 Regional Differences in Unemployment, 1975, 1982, 1991, 2003 and 2010 U.S. avg. Cal. Fla. Ill. Mass. Mich. N.J. N.Y. N.C. Ohio Tex. Types of Unemployment • Frictional unemployment: the portion of unemployment that is due to the normal working of the labor market; used to denote short-run job/skill matching problems. • Structural unemployment: the portion of unemployment that is due to changes in the structure of the economy that result in a significant loss of jobs in certain industries. Types of Unemployment • Cyclical unemployment: the increase in unemployment that occurs during recessions & depressions – Unemployment created during the swings in the business cycle. • The natural rate of unemployment is the unemployment that occurs as a normal part of the functioning of the economy. --- Sometimes taken as: natural rate = frictional + structural • • • • • • • • Notes on Unemployment Only an aggregate average Duration/Spells of unemployment Trends in labor force participation Discouraged worker Labor force characteristics Under/Over employment UI benefits Search models and transition rates...
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This note was uploaded on 10/01/2013 for the course ECON 1120 taught by Professor Wissink during the Spring '05 term at Cornell University (Engineering School).

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