ECON 102 Chapter Notes - Chapter 9: Labour Force Survey, Atlantic Canada, Central Canada
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ECON 102 Full Course Notes
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The problem of unemployment is usually divided into two categories: The economy"s natural rate of unemployment refers to the amount of unemployment the economy normally experiences. Cyclical unemployment refers to the year-to-year fluctuations in unemployment around the natural rate. Every month, statistics canada (sc) conducts the labour force survey (lfs). From the results of the survey, each adult (aged 15 and older) from the survey is either: Employed (spent some time in the previous week working at a paid job) Unemployed (on temporary layoff or is looking for work) Not in the labour force (none of the above, e. g. , full-time student, a retiree, homemaker) Once the surveyed individuals are categorized, then sc will compute various statistics. Labour force: the total number of workers, including both the employed and the unemployed. Lf = no. of employed + no. of unemployed. Unemployment rate: the percentage of the labour force that is.
