The Job Market
The Number of people unemployed divided by the labor force
What is unemployment rate?
These are the two benchmarks in the 'A New Normal?' reading
What is NAIRU and Potential GDP?
The output per hour of work
What is labor productivity?
The percentage of jobs post recession that have gone to people with some college experience
What is 99%?
This survey is referenced to figure out how many jobs are created monthly
What is the establishment survey?
What are baby boomers?
This is another term for potential GDP
What is full-employment GDP?
Healthcare jobs are being created due to these
What is aging population and new tech?
This recession resulted in the loss of 8.7 million jobs
What is the great Recession?
Slower growth in potential GDP indicates what kind of economic weakness
What is Structural?
An increase in the amount of physical capital
What is an investment?
This job category suffered the most in the recession
What is Construction?
This type of unemployment rises during recessions and falls during economic booms, closely following the business cycle.
What is Cyclical Unemployment
This is the percentage that NAIRU was estimated at in 2016
What is 5%?
The great recession was different from any other recessions since WW2 because it was a result of this
What is financial panic?
The percentage of the workforce made up by bachelors degree or higher
What is 36%
This acronym refers to the lowest level of unemployment an economy can sustain without triggering inflation.
What is NAIRU or accelerating inflation rate of unemployment?
The term to describe when workers are unemployed for a long time and lose necessary skills
What is hysteresis?
The formula to calculate long-run economic growth
What is percent change in the labor force + the average growth rate of labor productivity?
The percentage of wages that people with bachlor degrees earn
What is 57%