ECO 1102 Lecture Notes - Lecture 9: Labour Force Survey

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Octavian Strimbu

Document Summary

The problem of unemployment is usually divided into two categories: The economy s natural rate of unemployment refers to the amount of unemployment the economy normally experiences. Cyclical unemployment refers to the year-to-year fluctuations in unemployment around the natural rate. Every month, statistics canada (sc) conducts the labour force survey (lfs). Once the surveyed individuals are categorized, then sc will compute various statistics. Labour force: the total number of workers, including both the employed and the unemployed. Lf =no. of employed + no. unemployed. Unemployment rate: the percentage of the labour force tha is unemployed. U= no. of unemployed/ lf x 100. Labour force participation rate: the percentage of adult pop that is in the labour force.