Unemployment 😭

maintain, standard, self-esteem, greater, produce

Why is Employment Important?

1. To ? a ? of living (micro)

2. Sense of ? (personal achievement = micro)

3. more employment = ? potential to ? goods and services (macro)

Natural Rate of Unemployment

The amount of unemployment a country typically experiences

• doesn’t go away… natural to have too many people and not enough jobs

  • US average is 4.5% historically

Cyclical Unemployment

Year-to-year fluctuations (deviations) in the natural rate of unemployment

• part-time help during Holiday seasons

• part-time jobs during the Summer

  • up’s and down’s in economic activity basically

Structural Unemployment

Long-term unemployment due to changes in economic structure

• improved technology

• workers lack skills in new jobs

• demographic changes

• deindustrialization

• outsourcing

• automation / AI

• etc.

BLS, 16, employed, unemployed, NILF

The ? surveys 60,000 households each month (since there’s over 135 million households in the US, each response represents ~2250 households)

• every adult (?+) in a household is placed into one of three categories

  • ?

  • ?

  • ?

Employed

One of three categories for adults (16+) in a household

• spent some part of previous week at a paid job

Unemployed

One of three categories for adults (16+) in a household

• temporarily laid-off, actively looking for a job, waiting for start of a new job

Not In Labor Force (NILF)

One of three categories for adults (16+) in a household

• full-time student, homemakers, retirees, etc.

• basically, not looking for work at all

employed, one

In order to be considered ?, you only need to have ? hour of paid work

• this makes it so that people can’t constantly farm unemployment compensation

Labor Force Formula

(# of employed) + (# of unemployed)

Unemployment Rate Formula

(# of unemployed / Labor Force) x 100

Labor-Force Participation Rate Formula

(Labor Force / Adult Population) x 100

teenagers, women, senior, varying

Some employment trends:

• ? and ? have lower rates of labor-force participation

• there’s a growing number of ? citizens working

• ? rates of employment and labor-force participation among ethnic groups

technology, birth

Greater Female Employment (at least in developed countries)

• new ? (reduced time to complete routine household tasks)

• ? control (fewer children to look after)

• changing role of women (increased equity, political / social attitudes)