The Job Market
A New Normal
Economy in the Long Run
Divided Recovery
100

The Number of people unemployed divided by the labor force

What is unemployment rate?

100

These are the two benchmarks in the 'A New Normal?' reading

What is NAIRU and Potential GDP?

100

The output per hour of work

What is labor productivity?

100

The percentage of jobs post recession that have gone to people with some college experience

What is 99%?

200

This survey is referenced to figure out how many jobs are created monthly  

What is the establishment survey?

200
This generation aging has help contribute to lower growth rate in the labor force

What are baby boomers?

200

This is another term for potential GDP

What is full-employment GDP?

200

Healthcare jobs are being created due to these

What is aging population and new tech?

300

This recession resulted in the loss of 8.7 million jobs 

What is the great Recession?

300

Slower growth in potential GDP indicates what kind of economic weakness

What is Structural? 

300

An increase in the amount of physical capital

What is an investment?

300

This job category suffered the most in the recession 

What is Construction?

400

This type of unemployment rises during recessions and falls during economic booms, closely following the business cycle.

What is Cyclical Unemployment

400

This is the percentage that NAIRU was estimated at in 2016

What is 5%?

400

The great recession was different from any other recessions since WW2 because it was a result of this

What is financial panic?

400

The percentage of the workforce made up by bachelors degree or higher

What is 36%

500

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? 

500

The term to describe when workers are unemployed for a long time and lose necessary skills 

What is hysteresis?

500

The formula to calculate long-run economic growth

What is percent change in the labor force + the average growth rate of labor productivity?

500

The percentage of wages that people with bachlor degrees earn 

What is 57%