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Chapter 21

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York University
ECON 1010
George Georgopoulos

Chapter 21Monitoring Jobs and InflationEMPLOYMENT AND UNEMPLOYMENT Why Unemployment is a ProblemUnemployment is a serious personal and social economic problem for two main reasons It results in Lost Incomes and ProductionLost Human Capital Labour Force SurveyThe population divides into 2 broad categories The workingage populationThe total number of people aged 15 and over It is further divided into 2 categories aThose in the labour force members are either employed or unemployedLabour force is the sum of the employed and unemployed Employed are either fulltime or parttime Part time workers either want parttime work voluntary parttime or want a fulltime job involuntary parttimebThose not in the labour forceOthers who are too young to work or who live in institutions and are unable to workTo be counted as employed in the Labour Force Survey a person must either have a fulltime or parttime job To be counted as unemployed a person must be available for work and must be in one of the three categories Without work but has made specific efforts to find a job within the previous four weeksLaid off from a job and be waiting to be called back to workWaiting to start a new job within four weeksA person who doesnt satisfy one of the three isnt considered as unemployed And those who arent employed or unemployed are not counted as part of the labour force Four Labour Market IndicatorsStatsCan calculates four indicators of the state of the market They are The unemployment rateindicator of the extent to which people who want jobs but cant find them Unemployment rate is the percentage of people in the labour force who are unemployed NumberofpeopleunemployedUnemploymentRate100LabourForce
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