ECO 001 Study Guide - Final Guide: Federal Open Market Committee, Federal Funds Rate, Fractional-Reserve Banking
Document Summary
Produced by the bureau of labor statistics (bls), in the u. s. dept. of labor. Based on regular survey of 60,000 households. Based on adult population (16 years or older) The bls divides population into 3 groups: employed: paid employees, self-employed, and unpaid workers in a family business, unemployed: people not working who have looked for work during previous 4 weeks, not in the labor force: everyone else. The labor force is the total number of workers, including the employed and unemployed. Unemployment rate ( u-rate ): percentage (%) of the labor force that is unemployed. Labor force participation rate: percentage (%) of the adult population that is in the labor force. There is a labor force statistics for different social groups: the bls publishes these statistics for demographic groups within the population, these data reveal widely different labor market experiences for different groups. Discouraged workers: people who would like to work, but have given up looking for jobs.