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Unemployment Rate Measuring the Workforce

Unemployment Rate Measuring the Workforce. Date last updated: July 7, 2014. DataPost. Federal Reserve Bank of San Francisco Economic Education Group. Unemployment Rate – Did You Know?. U.S. Unemployment Rate (% values, averages for years shown). Sources: Bureau of Labor Statistics

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Unemployment Rate Measuring the Workforce

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  1. Unemployment RateMeasuring the Workforce Date last updated: July 7, 2014 DataPost Federal Reserve Bank of San Francisco Economic Education Group

  2. Unemployment Rate – Did You Know? U.S. Unemployment Rate (% values, averages for years shown) Sources: Bureau of Labor Statistics & FRBSF Calculations The official U.S. unemployment rate averaged 9.6% in 2010 compared to an average 4.0% in 2000. DataPost http://www.frbsf.org/education/teachers/datapost/index.html FRBSF Economic Education Group

  3. Measuring Unemployment As of June 2014, unemployment was 6.1% of the labor force To be counted in CPS employment data, surveyed persons must be age 16 or older Unemployed “Unemployed” includes surveyed persons who are jobless and actively seeking a job Employed Surveyed persons who are neither “employed” nor “unemployed” areconsidered “not in the labor force” Not in labor force DataPost Source: Bureau of Labor Statistics Note: Components may not add to totals due to rounding. http://www.frbsf.org/education/teachers/datapost/index.html FRBSF Economic Education Group

  4. Types of Unemployment Who Is NOT Counted as unemployed? The Underemployed Those with part-time or seasonal jobs who would rather have full-time jobs. Discouraged Workers Those who have officially given up looking for work and are discouraged. DataPost http://www.frbsf.org/education/teachers/datapost/index.html FRBSF Economic Education Group

  5. Unemployment RateSeasonally adjusted (%),Jan. 1980-Jun. 2014 Source: Bureau of Labor Statistics Note: Gray bars indicate NBER recession dates DataPost http://www.frbsf.org/education/teachers/datapost/index.html FRBSF Economic Education Group

  6. Annotated Chart NotesUnemployment RateSeasonally adjusted (%), Jan. 1980-Jun. 2014 Nov. 1982 10.8% Oct. 2009 10.0% Jun. 2003 6.3% Source: Bureau of Labor Statistics Note: Gray bars indicate NBER recession dates DataPost The Great Recession http://www.frbsf.org/education/teachers/datapost/index.html FRBSF Economic Education Group

  7. What Do You Think? • In which years was the unemployment rate around 10%? • Are discouraged workers counted as unemployed? Why or why not? • What seems true about the relationship between unemployment and economic recessions? • Why would a survey be needed to calculate the rate of unemployment? DataPost http://www.frbsf.org/education/teachers/datapost/index.html FRBSF Economic Education Group

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