ECON 3240 Lecture Notes - Lecture 10: Labour Force Survey, Employment-To-Population Ratio
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Who is unemployed: anyone not currently employed but actively seeking work, willi(cid:374)g to (cid:449)o(cid:396)k fo(cid:396) (cid:862)p(cid:396)e(cid:448)aili(cid:374)g (cid:449)ages(cid:863) Requires asking ppl su(cid:271)je(cid:272)ti(cid:448)e (cid:395)"s a(cid:271)out la(cid:271)ou(cid:396) fo(cid:396)(cid:272)e atta(cid:272)h(cid:373)e(cid:374)t. High unemployment periods: great depression, beginning 1929: unemployment rate from 3 to 20, subsequent recessions: 1957-58; 1974-75 (oil crisis); 1981-82; 1990-92; 2008-09. Low unemployment periods: wwii and postwar period: low unemployment until 1957, mid-1960s economic boom. In general, unemployment has been trending downward for past 30 years. Unemployment rate = commonly used measure aggregate labour market activity, degree of labour force utilization: # (cid:3041) (cid:3039)(cid:3028)(cid:3029)(cid:3042)(cid:3048) (cid:3033)(cid:3042)(cid:3030)(cid:3032: labour force participation rate = # (cid:3041) (cid:3039)(cid:3028)(cid:3029)(cid:3042)(cid:3048) (cid:3033)(cid:3042)(cid:3030)(cid:3032) (cid:3043)(cid:3042)(cid:3043)(cid:3048)(cid:3039)(cid:3028)(cid:3047)(cid:3042)(cid:3041, employment rate = Example: 1966-81: mild recovery between that period of time all three moved in the same direction (refer back to slide 6) Fixed definition of unemployment, can make certain cross-country comparisons: broad time trends similar across countries, canada: relatively unemployment early 1980s, lower thru 1990s/2000s compared w/usa, europe, japan.
