ECON 1002 Chapter Notes - Chapter 9: Labour Force Survey, Longrun, Unemployment Benefits

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Problems of unemployment: long-run vs short-run problems. Natural rate of unemployment: refers to the amount of unemployment the economy normally experiences (lr) Cyclical unemployment: the year-to-year fluctuations in unemployment around the natural rate (sr) Labour force: the total number of workers, including both the employed and the unemployed. Stats canada conducts the labour force survey (lfs: types of employment, average work week, duration of unemployment. Labour force = #of employed + number of unemployed. The % of the labour force that is unemployed. U = (# of unemployed / labour force) *100. The % of the adult population that is in the labour force. Individuals who would like to work but have given up looking for a job. Spell of unemployment the average spell of unemployment lasted 18. 8 weeks the average spell of unemployment ranged from a low 13. 9 weeks (pei) to a high of 23. 2 weeks (quebec)

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