Unemployment

Employed

Has a legal job

Unemployed

does not have a job and is actively looking for one

Labor Force

has a job or is looking for one, at least 16 years old, not serving in the military, and not institutionalized

Working-Age Population

16 and over, not serving in the military, and not institutionalized

Frictional Unemployment

Individuals who are qualified to work and with skills but are not working

Seasonal Unemployment

type of frictional unemployment due to the time of year and type of job

Structural Unemployment

Change in the economy makes some skills obsolete

Technological Unemployment

 type of structural unemployment in which automation and machines replace workers

Cyclical Unemployment

Unemployment resulting from economic downturn

Natural Rate of Unemployment

The proportion of the workforce who are unemployed when economy is at full employment