Chapter14 2notes unemployment
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Chapter14.2Notes: Unemployment. Measuring unemployment A. To be considered unemployment, you must meet the following: 1. > 18 yrs. old 2. Available & looking for work within the past month. 3. Not working or worked less than 1hr

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Chapter14.2Notes: Unemployment

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Chapter14 2notes unemployment

Chapter14.2Notes:Unemployment


Chapter14 2notes unemployment

  • Measuring unemployment

    A. To be considered unemployment, you must meet the following:

    1. > 18 yrs. old

    2. Available & looking for work within the past month.

    3. Not working or worked less than 1hr

    within the past week.

    B. Bureau of Census conducts the unemployment survey based on above criteria. They pass the results to the Bureau of labor and they determine….


Chapter14 2notes unemployment

C.Unemployment Rate =

#unemployed x100

# in labor force

1. Labor force = employed + unemployed

2. Remember to follow rules regarding

who is unemployed


Ii kinds of unemployment

II. Kinds of Unemployment

A. Structural Unemployment = job no longer exists in our society


Chapter14 2notes unemployment

16 teachers, others to get laid off in SeattleSchool Board takes action to balance budget

Seattle Public Schools plans to notify 16 teachers and other school employees this week that they will be laid off at the end of the

schoolyear.

B. Cyclical Unemployment = unemployed because

of a downturn in the business cycle (ie.

recession)


Chapter14 2notes unemployment

C. Seasonal Unemployment = season or weather related unemployment


Chapter14 2notes unemployment

D. Technological Unemployment =

unemployed because machinery / automation has replaced you


Chapter14 2notes unemployment

E. Frictional Unemployment = workers

who quit, laid off, or fired and

looking for another job

1. Use this option if A,B,C, or D

above do not apply


Chapter14 2notes unemployment

III. Full Employment Unemployment Rate

A. Definition = Lowest possible

unemployment rate where economy is

being efficient (usually 5%)

B. Why can’t we have 0% unemployment?

Because even if the economy has

enough jobs for everyone, someone will

always be…

1. In the process of looking for a new

job.


Chapter14 2notes unemployment

  • http://www.bls.gov/cps/home.htm = unemployment rate

  • http://www.bls.gov/eag/eag.ca_losangeles_msa.htm = unemployment rate - California


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