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Lecture Two: Monitoring Jobs and Inflation

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ECON 1010
Xueda Song

Lecture Two Monitoring Jobs and InflationJanuary 17 2012Introduction to UnemploymentThe Canadian economy is an incredible jobcreating machine17 million people had jobs in 2008However on any given day about 1 million people are unemployedThis rises during a recession and falls during a boomThe worst case was during the Great Depression when one in every 5 was unemployedWhy is Unemployment a ProblemUnemployment has two main consequencesThe loss of production and incomeThe loss of human capitalThe loss of income is devastating for those who must bear itEmployment benefits create a safety net although they do not fully replace lost wagesNot everyone is entitled to these benefitsProlonged unemployment permanently damages a persons job prospects by destroying their human capitalLabour Force SurveyStatistics Canada conducts a monthly population survey to determine the status of the Canadian labour forceInformation is also gathered through the censusIt is too costly to ask everyone each month to gather this informationRandomized selections of people are asked each month and are used to be representative of the populationThe population is divided into two main categories1People who fall under the workingage populationthese are people who are over the age of 15 and under the age of 652People who are not able to workthese are people who are either too young or too old to workThe WorkingAge Population
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