UNEMPLOYMENT Flashcards
What is the participation rate
The porportion of people who are over 15 that are in paid or looking for paid work
What is the labour force
Is the term applied to the people who are either working, or seeking work
What is the labour market
Refers to the supply and demand for labour - supply being the willingness of people to hire their labour to firms, and demand being the willingness of employers to hire labour
How much has female participation rate increased
53% in 1990 to 71% in 2023
What is the male participation rate
Male participation rate has decreased from 76 percent in 1990 to 71 percent in 2023 which can be attributed to education retention rates, changing social attitudes, and the facts that males are retiring earlier
How to be classified as unemployed by the ABS
To be classified as unemployed by the ABS, an individual in the survey must have worked zero hours worked in the reference week
What is under-employment
Underemployment is a measure of the total number of people in an economy who are unwillingly working in low-skill and low-paying jobs or only part-time because they cannot get full-time jobs that use their skills. They wish to work more hours
Where does underemployment occur the most
Most prevalent in the accommodation and food services, arts & and recreation services
What was the unemployment rate in June 2923 and what the underemployment rate
Unemployment rate is 9.9 and Underutilisation rate was 9.9 per cent
What does unemployment occur….
occurs when people who are willing and able to work cannot find paid work for at least one hour of work
