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Unemployment rate formula
Calculation of the percentage of unemployed individuals in the labor force
Labor force participation rate
Percentage of the working-age population actively engaged in the labor force
Discouraged workers
Individuals available for work but not actively seeking employment
Unemployed
Individuals available for work actively seeking employment but without a job
Frictional unemployment
Short-term unemployment from matching workers with jobs, enhancing economic efficiency
Structural unemployment
Unemployment due to a mismatch between worker skills and job requirements, affecting economic efficiency
Cyclical unemployment
Unemployment resulting from business cycle recessions, reducing economic efficiency
Natural rate of unemployment
Normal rate comprising frictional and structural unemployment, around 5% in the U.S.
Factors affecting natural rate of unemployment
Influence of unemployment insurance, minimum wage laws, and labor unions
Establishment Survey
Data collection from businesses on employees, job vacancies, and hiring trends
Household Survey
Data collection from individuals on employment status, demographics, and education levels
