BSB113 Lecture Notes - Lecture 9: Labour Force Survey, Gross Domestic Product, Potential Output
Document Summary
The australian bureau of statistics (abs) labour force survey. Monthly sample of around 0. 32% of the population aged 15 and over. To be classified as employed, a person must have worked in paid employment only 1 hour or more in the week before the survey. The unemployment rate measures the percentage of the labour force that is unemployed. Unemployment rate = (number of unemployed / labour force) x 100. Percentage of the working age population that is in the labour force. Labour force participation rate = (labour force / working age population) x 100. Number of discouraged workers increases during a recession. Official unemployment rate appears lower than it would otherwise be. People who work part-time but would like to work more hours. People who claim to be unemployed but are not. Leads to the unemployment rate being overstated. The higher the participation rate, the more labour is available and the higher the level of potential gdp.
