LGS 200 Lecture Notes - Lecture 15: Uric Acid, Unpaid Work, Structural Unemployment
Document Summary
Labor force statistics: produced by bureau of labor statistics (bls) in the u. s department of labor, based on regular survey of 60,000 households, based on (cid:498)adult population(cid:499) (cid:523)16 years or older(cid:524, bls divides population into 3 groups: Employed: paid employees, self-employed, and unpaid workers in a family business, full time and part time workers, and those not working because of a temporary absence from a job (vacation, health, seasonal, maternity leave) Unemployed: people not working who have looked for work during previous 4 weeks, also includes temporary lay off who are waiting to be recalled to a job. You must be actively looking for a job and apply for a certain amount of jobs per week. 100 x # of unemployed labor force: labor force participation rate: % of the adult population that is in the labor force. 100 x labor force adult population: the u-rate is not a perfect indicator of joblessness or the health of the labor market: