11 Flashcards
Who measures labor force and unemployment statistics?
Bureau of Labor Statistics
BLS
What is the civilian non-institutional population?
Total number of people 16+
Living in US
Not in military, prisons, nursing homes, mental facilities
What is the labor force?
sum of employed and unemployed workers
What is the labor force participation rate?
labor force/civilian non-institutional population
What is the unemployment rate?
unemployed/labor force
What are alternate measures of unemployment?
Discouraged workers
Underemployed workers (part time wanting full time or discouraged workers)
What is the establishment survey and what does it count?
Counts how many jobs are added to the economy
What is the Employment Situation?
released first friday of every month, includes household and establishment survey
What are the three different types of unemployment?
Frictional: searching for a job, getting interviewed
Structural: mismatch of skills/attributes and requirements
Cyclical: business cycle recession
What is the natural rate of unemployment?
When all unemployment consists of frictional unemployment and structural unemployment
How is the distribution of income measured?
line families up by income, split into a certian number of groups, measure % of total income each group has
What is the poverty rate in the United States currently?
11.1%
