Scenario
Todd was just laid off from his job due to an economic downturn. What type of unemployment is he experiencing?
Cyclical Unemployment
Unemployment is the term used for?
The state of being without a job but available for and actively seeking employment
Raul serves in the military as a marine. how would he be categorized by the BLS?
Not in the Labor Force
What are some common types of unemployment?
frictional, cyclical, structural, and institutional unemployment.
Joann has a master's degree in education. She currently works at a local fabric store. How would she be categorized by the BLS?
10 Years
Eleanor is a senior in high school who tutors a freshman in high school. In exchange, she only receives free housing cleaning from the freshman's family. How would she be categorized by the BLS?
Not in the Labor Force
What is the difference between the labor force and the unemployed?
The labor force includes those who are employed and those who are actively seeking work (unemployed), while the unemployed are specifically those who are not currently working but are looking for work.
Aaron works a few hours a week bartending. Would he be considered to be contributing to the labor force?
Yes.
What is the rate of unemployment?
The number of jobless people actively looking for work divided by the number of people in the labor force (times 100)