ECON 2010 Chapter : Chapter 8
Document Summary
When considering macroeconomic conditions, the unemployment rate follows closely behind gdp. If gdp reveals the scale of an economy, the unemployment rate can tell the extent to which the economy is utilizing its labor resource. Unemployment rates offer guidance as to the general health of economy. In every advanced country, there are mechanisms for gathering economic data. Undeveloped nations lacking government resourced may be analyzed by other means. The united states relies upon several government departments and agencies for te collection ad reporting of data and statistics. The us department of labor in conjunction with state level agencies is responsible for labor force data. The household survey forms the basis for the unemployment rate calculations. Labor force: the sum total of all willing and able employed and unemployed workers in the economy. Unemployment rate: the percentage of the labor force that is unemployed. Not everyone is included in the labor force.
