ECON 2010 Chapter : Chapter 9 Notes
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2: the labor force participation rate measures the percentage of the working-age population in the labor force & gives a complete sense of how an economy employs its people. Measuring the unemployment rate & the labor force participation rate: problems with measuring the unemployment rate, the ui rate alone is not a perfect measurement. While it gives a good indication of the labor market, especially as compared over time, it is not a perfectly precise number: the household survey can create reporting errors, some unemployed people aren"t really looking for work. Some part time workers would prefer full time jobs. Some people are paid in cash & don"t report work. Some people aren"t employed to the fullest of their skill set. Us bureau of labor statistics bls: in the us, the bls reports several categories of unemployment figures. Unemployment: unemployment dynamics can entail a variety of factors producing job loss.
