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Unemployment

Unemployment. Who are the unemployed?. Unemployed : individuals who do not currently have a job but are activity looking for one Employed : people who currently have jobs. Labor Force. Together the unemployed and employed make up the Labor Force Labor Force = employed + unemployed.

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Unemployment

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  1. Unemployment

  2. Who are the unemployed? • Unemployed: individuals who do not currently have a job but are activity looking for one • Employed: people who currently have jobs

  3. Labor Force • Together the unemployed and employed make up the Labor Force • Labor Force = employed + unemployed

  4. Others Not Included in Labor Force • Under 16 • Institutionalized • Retirees • Military • Full Time Students • Stay-at-Home Parents • Discouraged Workers (people not looking for jobs)

  5. Unemployment Rate • Unemployment Rate = unemployed/ labor force X 100

  6. How does the Government Calculate Unemployment? • Government takes monthly census of about 50,000 families.

  7. Types of Unemployment Economists identify four types of unemployment. The first three – frictional, structural, and seasonal unemployment – can exist even in a growing economy. The fourth, cyclical unemployment, emerges during an economic downturn. Example: Mike is temporarily laid off from his lifeguard job during the cold Minnesota winter months. Example: Bob is laid off from his job at a coffee shop when a recession causes a large decrease in the demand for coffee. Example: Megan’s factory job is eliminated when a new machine is invented that does not require human labor. Example: Tina quits her job because she is unable to get the hours he wants. She is confident she will be able to find another job.

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