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CPI
total dollar market basket current year/total dollar market basket base year * 100
Percent change
CPI later year-CPI earlier year/CPI earlier year * 100
Inflation
is an increase in the price level and is usually measured over some time period.
Nominal Income
is the current-dollar amount of a person's income.
Real Income
income adjusted for inflation
Real Income Equation
[(Nominal Income)/CPI]x100
Converting Dollars from One Year to Another
(CPI current year / CPI earlier year) x Income
The civilian non-institutional population includes
The civilian labor force and not in the labor force
The civilian labor force includes
employed and unemployed
Unemployment rate
Number of unemployed persons/Civilian labor force
Employment rate
Number of employed person/Civilian noninstitutional population
LFPR
Civilian labor force/Civilian noninstitutional population
New Entrant
A person who has never held a full time job for two weeks or longer.
Discouraged Workers
A person who gives up looking for a job, for whatever reason, is no longer considered part of the unemployment rate, because the person has stopped looking for work.
Frictional Unemployment
unemployed due to being in between jobs
Structural Unemployment
loss of employment due to elimination of jobs from the economy
Cyclical Unemployment
unemployment caused by a downturn in the economy
Seasonal Unemployment
unemployment linked to seasonal work
