Labor Force US Population

Vocabulary flashcards covering key terms related to the labor force and unemployment measures in the US.

Employed

People working full-time or part-time jobs, defined as working at least 1 hour for pay in the past week or 15 hours of paid labor in internships.

Unemployment

Actively searching for a job in the past month and not having a job or receiving pay for the week.

Labor Force

Everybody employed plus the unemployed population, consisting of individuals over 16 and not institutionalized.

Not in the Labor Force

Individuals over 16, not institutionalized, and not currently looking for work (e.g., full-time students, retired, stay-at-home parents).

Marginally Attached Workers

Someone who wants a job, has looked for work in the past year but not the past month, also known as 'Hidden unemployment'.

Discouraged Workers

Marginally attached workers who do not believe jobs are available for them.

Involuntary Part-time Job Worker

People who are not employed to the capacity they would like to be, in terms of time or pay.

U3 Unemployment Rate

The primary measure of unemployment, calculated as (# of unemployed / Of labor force) * 100.

U4 Unemployment Measure

U3 unemployment rate plus discouraged workers.

U5 Unemployment Measure

U4 unemployment measure plus all marginally attached workers.

U6 Unemployment Measure

U5 unemployment measure plus involuntary part-time workers.