Unemployment
● The Bureau of Labor Statistics determines the unemployment rate
(%) each month and places each adult (16+) into a category
○ Employed people are people who work at least one hour per
month
○ Unemployed people are at least 16 years old and either out of
a job or have been actively looking for work for the past four
weeks
○ Not in the Labor Force are people that aren’t looking for work
and don’t have a job
● The labor force is defined as the total number of individuals at least
16 years old who are working or available to work
● Unemployment Rate
○
● The shortcoming of the unemployment rate
○ The unemployment rate does not consider discouraged
workers which are people who stopped looking for work
● Types of unemployment
○ Frictional unemployment is usually those who are
unemployed due to the time it takes to find a job
○ Structural unemployment is the result of nonexistent jobs or
workers
○ Cyclical unemployment is during the stage where there is a
lack of jobs in a recession
● The Bureau of Labor Statistics determines the unemployment rate
(%) each month and places each adult (16+) into a category
○ Employed people are people who work at least one hour per
month
○ Unemployed people are at least 16 years old and either out of
a job or have been actively looking for work for the past four
weeks
○ Not in the Labor Force are people that aren’t looking for work
and don’t have a job
● The labor force is defined as the total number of individuals at least
16 years old who are working or available to work
● Unemployment Rate
○
● The shortcoming of the unemployment rate
○ The unemployment rate does not consider discouraged
workers which are people who stopped looking for work
● Types of unemployment
○ Frictional unemployment is usually those who are
unemployed due to the time it takes to find a job
○ Structural unemployment is the result of nonexistent jobs or
workers
○ Cyclical unemployment is during the stage where there is a
lack of jobs in a recession
