ECON 101 Lecture Notes - Lecture 18: Frictional Unemployment, Structural Unemployment, Business Cycle
Document Summary
Produced by bureau of labor statistics (bls) in the us dept. of labor. Based on regular survey of 60,000 households. Based on adult population (16yrs and older) Bls divides population into 3 groups business. Employed : paid employees, self-employed, and unpaid workers in a family. Unemployed : people not working who have looked for work during the previous. Not in the labor force : everyone else. The labor force is the total number of workers, including the employed and unemployed. Unemployment rate ( u-rate ): percentage of the labor force that is unemployed. Labor force participation rate : percentage of the adult population that is in the labor. U-rate = 100 x # of unemployed labor force force. The bls publishes these statistics for demographic groups within the population. These data reveal widely different labor market experiences for different groups. U-rate is not a perfect indicator of joblessness or the health of the labor market.