ECON 2020 Lecture Notes - Lecture 13: Unpaid Work

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27 Feb 2017
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02/27/2017
Chapter 15- Unemployment
Definitions
Employed
Those who worked, paid employees, in their own business, unpaid
workers in a family business
Full and part time workers
Temporarily absent (vacation, illness, bad weather)
Umeployed
Those who were not employed, unavailable for work
Tried to find employment during the past 4 weeks
People waiting to be recalled to a job
Laid off, not unemployed
Not in the labor force
Under the age of 16
Not employed, not unemployed
Homemakers
Full time students
Retirees
Identifying Unemployment
Labor Force
Total number of workers, employed and unemployed
Labor Force = Employed + Unemployed
Unemployment Rate
Labor Force Participation Rate
Natural Rate of Unemployment
Typically around 5.3
Official Unemployment Rate
Imperfect measure of joblessness
Still very useful
Not all unemployment ends in the job seeker finding a job
Half of people who are unemployed, leave the job force
Discouraged or have given up
U-6
# Unemployed
( )*100
Labor Force
( )*100
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