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Unemployment

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  • 1. UNEMPLOYMENT
    Dr. Cheryl Carleton
    Fall, 2009
  • 2. R. Vazquez-Alvarez
    Lecture 1
    2
    Measuring Unemployment
    • Civilian Noninstitutional Adult Population
    • 3. All civilians 16 years of age and older
    • 4. Excludes institutionalized in prisons or mental hospitals
    • 5. Excludes those in military
    • 6. Labor force
    • 7. Those in the adult population who are either working or looking for work
  • LABOR FORCE PARTICIPATION RATE
  • 8.
  • 9. LABOR FORCE PARTICIPATION
    TOTAL MEN WOMEN YOUTH(16-19)
    1999 67.1% 74.7 60.1 52.0
    2000 67.2 74.6 59.8 51.7
    2001 66.7 74.3 59.7 48.9
    2005 66.0 73.2 59.3 43.5
    2006 66.3 73.5 59.5 43.4
    2007 65.9 73.0 59.3 41.3
    2008 65.9 72.7 59.5 38.9
    2009 64.9 71.4 58.7 35.8
  • 10. LFP BY AGE AND GENDER
    WOMEN MEN
    1988 1998 2008 1988 1998 2008
    25 – 54 72.7 76.5 75.8 93.6 91.8 90.5
    55 + 22.3 25.0 33.9 39.9 39.1 46.0
    65+ 7.9 8.6 13.3 16.5 16.5 21.5
    75+ 2.4 2.9 5.2 7.4 7.5 10.4
  • 11. DEFINING AND MEASURING UNEMPLOYMENT
    • employed Any person 16 years old or older
    • 12. (1) who works for pay, either for someone else or in his or her own business for 1 or more hours per week;
    • 13. (2) who works without pay for 15 or more hours per week in a family enterprise; or
    • 14. (3) who has a job but has been temporarily absent, with or without pay.
  • R. Vazquez-Alvarez
    Lecture 1
    8
    Measuring Unemployment
    • Unemployed
    • 15. Those with no job who are looking for work
    • 16. Unemployment rate
    • 17. Measures the percentage of those in the labor force who are unemployed
    • 18. Equals the number unemployed divided by the number in the labor force
    • 19. Does not include discouraged workers
    • 20. Discouraged workers
    • 21. Those who are no longer looking for work but are unemployed
  • UNEMPLOYMENT
  • 22. UNEMPLOYMENT, DECEMBER 2010
    OVERALL: 9.4%
    LFP fell to 64.3%
  • 23. UNEMPLOYMENT
    What does this leave out?
    Those ready to work but not actively looking.
    Part-time workers looking for full-time work
  • 24. ALTERNATIVE MEASURES OF UNEMPLOYMENT
    U-6: Unemployed, plus marginally attached, plus employed part time for economic reasons:
    Dec., 2009 Aug.,2010 Oct., 2010 Dec., 2010
    17.2% 16.7% 17.0% 16.7%
  • 25. ALTERNATIVE MEASURES OF UNEMPLOYMENT
    U-1: persons unemployed 15 weeks or longer, as a percent of the civilian labor force
    Dec., 2009 Aug., 2010 Oct. 2010 Dec. 2010
    5.8% 5.5% 5.7% 5.6%
  • 26. R. Vazquez-Alvarez
    Lecture 1
    14
    DEFINITION OF TERMS FOR PREVIOUS TABLE:
    MARGINALLY ATTACHED WORKERS: persons who currently are neither working nor looking for work but indicate they want and are available for a job and have looked for work sometime in the recent past.
    PERSONS EMPLOYED PART TIME FOR ECONOMIC REASONS are those who want and are available for full-time work, but have had to settle for a p-t schedule.
  • 27.
  • 28. 16
    Sources of Unemployment
  • 17
  • 32. 18
    Full Employment
    • Occurs only if there is no cyclical unemployment
    • 33. Occurs when the only unemployment is frictional, structural, or seasonal
    • 34. Does not mean zero unemployment
    • 35. Frictional, seasonal, and structural unemployment can still occur
    • 36. Occurs when from 4% to 6% of the labor force is unemployed
  • 19
    UNEMPLOYMENT
    NATURAL RATE OF UNEMPLOYMENT: the unemployment rate that occurs as a normal part of the functioning of the economy. Sometimes taken as the sum of frictional, structural and seasonal unemployment.