Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Unemployment Unemployment • Unemployment is the percentage of the Labor Force that cannot find a job • Unemployment is expressed as a % of the labor force that is unemployed. It is called the Unemployment Rate Labor Force • Over 16 yrs. Old • Not Institutionalized Not in School Not in Jail/Prison Not in Military • Working or Seeking work The current labor force = 155,460,000 out of 330,000,000 total population Current Unemployment Rate Types of Unemployment • Frictional Workers are in between jobs. Most common during expansions • Structural Workers have been replaced by machines, or their job skills are no longer needed • Cyclical Workers are laid off because of a general slump in business • Seasonal Workers are unemployed because their job is out of season Full Employment “Full Employment” does NOT equal 0% unemployment. 0% will never happen!! Natural Rate of Unemployment = 5% unemployment Natural Rate=Full Employment Costs of Unemployment GDP GAP Potential GDP minus actual Real GDP When labor is unemployed, we are INSIDE our Production Possibility Curve as an economy. This costs ALL people, not just the unemployed Burden of Unemployment • Age Workers 16-25 are more likely to be unemployed • Race Minority workers are more likely to be unemployed • Gender Males are more often unemployed than females • Occupation Workers in manufacturing occupations are more often unemployed Summary data