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ECON 2010 Prin Macroeconomics Chapter 9 Notes

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ECON 2010
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1Chapter 9ILabor ForceaWhen considering macroeconomic conditions the unemployment rate follows closely behind GDPbIf GDP reveals the scale of an economy the unemployment rate can tell the extent to which the economy is utilizing its labor resourcecUnemployment rates offer guidance as to the general health of economydIn every advanced country there are mechanisms for gathering economic dataUndeveloped nations lacking government resources may be analyzed by other meanseThe United States relies upon several government departmentsagencies for the collectionreporting of datastatisticsfThe US department of Labor in conjunction with state level agencies is responsible for labor force datagThe household survey forms the basis for the unemployment rate calculationshLabor forcethe sum total of all willingable employedunemployed workers in the economyiUnemployment ratethe percentage of the labor force that is unemployedjNot everyone is included in the labor forceDuring extended periods of recession or difficult economic conditions facing specific sectors of industry or the labor force some may drop outkDiscouraged workerspeople who are available for work but have not looked for a job during the previous four weeks because they believe no acceptable jobs are availableiNotice this does not mean there are no jobs available just none suitable for their qualifications or requirementslThe unemployment rate measures the percentage of labor force that is unemployediNot everyone is included just those active in the labor market
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