ECON102 Lecture Notes - Lecture 9: Labour Force Survey

• School: University of Alberta
• Department: Economics
• Course: ECON102
• Professor: J.Scott Beesley

Document Summary

The problem of unemployment is usually divided into two categories: o o. The economy"s natural rate of unemployment refers to the amount of unemployment the economy normally experiences. Cyclical unemployment refers to the year-to-year luctuations in unemployment around the natural rate. Every month, statistics canada (sc) conducts the labour force survey (lfs) Length of workweek o: duration of unemployment. From the results of the survey, each adult (aged 15 and older) from the survey is either: Employed (spent some time in the previous week working at a paid job) o: unemployed (on temporary layof or is looking for work, not in the labour force (none of the above, e. g. , full-time student, a retiree, homemaker) Once the surveyed individuals are categorized, then sc will compute various statistics. Labour force: the total number of workers, including both the employed and the unemployed. Labour force= of employed + of unemployed. Unemployment rate: the percentage of the labour force that is unemployed.