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unemployment

Page history last edited by Brian D Butler 10 years, 7 months ago

 

 

See also:

unemployment data (if you are looking for graphs or data related to historical unemployment)

 

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Academic definition of "Unemployment":

 

Unemployment

  • Relationship between unemployment and economic growth
  • Employment / Unemployment – macroeconomic indicators.

 

Objectives of high employment

– High paying jobs, without searching or waiting too long, job security and good benefits.

 

Unemployment rate

- is the percentage of the labor force that is unemployed. The labor force includes all employed persons and those unemployed individuals who are seeking jobs. It excludes those without a work who are not looking for jobs.

 

The unemployment rate tends to reflect the state of the business cycle:

 

When output is falling, the demand for labor falls and the unemployment rate rises.

 

 

Exercises to calculate unemployment rate

1. Employed, People who perform any paid work, as well as those who have jobs but are absent from the work because of illness, strikes, or vacations.

2. Unemployed, people who are not employed but are actively looking for a work or waiting to return to work. To be counted as unemployed, a person must do more than simply think about work. A person must report specific efforts to find a job (such as having a job interview or sending out resumes).

3. Not in the labor force, adult population that is keeping house, retired, too ill to work, or simply not looking for work.

4. Labor force, All those who are either employed or unemployed.

 

Unemployment rate = unemployed / Labor force

Labor Force = Employed + Unemployed

 

 

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