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Employment
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Is the number of people currently employed in the economy, either full time or part time
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Unemployment
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Is the number of people who are actively looking for work but aren't currently employed
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Labour force
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Is equal to the sum of employment and unemployment
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Labour force participation rate
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Is the percentage of the population aged 16 or older that is in the labour force
Labour force / Population aged 16 and over multiplied by 100
Labour force / Population aged 16 and over multiplied by 100
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Unemployment rate
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Is the percentage of the total number of people in the labour force who are unemployed
unemployed/labour force multiplied by 100
unemployed/labour force multiplied by 100
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Discouraged workers
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Are nonworking people who are capable of working but have given up looking for a job given the state of the job market
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Marginally attached Workers
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Would like to be employed and have looked for a job in the recent past but are not currently looking for work
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Underemployed
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Is the number of people who work part time because they cannot find full-time jobs.
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Jobless Recovery
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Is a period in which the real GDP growth rate is positive but the underemployment rate is still rising
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Job Search
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Workers who spend time looking for employment are engaged in this
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Frictional unemployment
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Is unemployment due to the time workers spend in job search
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Efficiency Wages
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Are wages that employers set above the equilibrium wage rate as an incentive for better employee performance
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Natural rate of Unemployment
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Is the unemployment rate that arises from the effects of frictional plus structural unemployment
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Cyclical unemployment
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Is the deviation of the actual rate of unemployment from the natural rate due to downturns in the business cycle
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Real wage
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Is the wage rate divided by the price level
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Real income
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Is income divided by the price level
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Shoe-leather costs
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Are the increased costs of transactions caused by inflation
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Menu costs
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Is the real cost of changing a listed price
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Unit - of - account costs
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These arise from the way inflation makes money a less reliable unit of measurement
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Interest rate
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On a loan this is the price, calculated as a percentage of the amount borrowed, that a lender charges a borrower for the use of their savings for one year
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Nominal interest rate
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This is the interest rate expressed in dollar terms
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Real interest rate
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This is the nominal interest rate minus the rate of inflation
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Disinflation
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This is the process of brining the inflation rate down
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US Bureau of statistics
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Reports the official United States unemployment rate
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How often do they measure unemployment
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Monthly survey
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