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Unemployment and its Natural Rate- Chapter 9.docx

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Department
Economics
Course
ECO1102
Professor
Serge Nadeau
Semester
Fall

Description
Unemployment and its Natural Rate Identifying Unemployment Employed: Spent some of past week working Unemployment: Actively seeking employment Not in labour force: Neither of the above (i.e retiree) Labour force = Number of employed + number of unemployed Unemployment rate = Number of unemployed Labour force Labour-force participation rate =Labour force x100 Adult population • Women have lower rates of labour force participation than men in the same age group • Young people (15-24) have much higher rates of unemployment • There was a mancession in 2009 • Unemployment is consistently higher in the Atlantic provinces and lower in the Western provinces and central Canada makes up 60 percent of the labour force Does Unemployment Measure What we Want it To?  • One third of the unemployed are recent entrants to the labour force and people move in and out of the labour force frequently • Some of those who report being unemployed are simply temporarily laid off or are looking to reap the rewards of EI • Some of those who report being out of the labour force may be discouraged searchers How long are the unemployed without work?  • 2009 the average nation wide spell of unemployment lasted 15.6 weeks, however the length of these spells varies amongst provinces • Most unemployment spells are quite short and policies should be directed at correcting long term unemployment Why are there always some peopl
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