ECON 203 Lecture Notes - Lecture 10: Unpaid Work, Uric Acid, Barometer
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1 Nov 2016
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Statcan divides people into 3 categories: employed: paid employees, self-employed, and unpaid workers, unemployed: people who are not working who have looked for work in the previous 4 weeks, not in the labor force: everyone else. The labor force is the total number of workers, employed and unemployed. Unemployment rate = 100 x number of unemployed. Labor force = number of employed + number of unemployed. Labor force participation rate: % of adult population that is in the labor force. Labor force participation rate = 100 x labor force. Population = labor force + not in labor force. The u-rate is not a perfect indicator of joblessness or the health of the labor market. If discouraged workers stop looking for work, they no longer fall in the unemployed category, and gives the impression that unemployment rate is dropping, when it is actually not.
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