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Unemployment FormulaUnemployment FormulaUnemployment Rate=
Unemployed Persons/Total Labor Force X 100
Labor Force= all civilians 16+ who are working or looking for a job
Unemployed Persons= 16+ civilians who are looking for a job but do not have one
Labor Force Participation RateLabor Force Participation Rate
• % of working age people who are– Working– Looking for a Job
• Working Age– 16-64
GDPGDP
• Gross Domestic Product
• Total valueTotal value (in dollars) of all final goods and services produced within a country within a given year
Hit the debt ceiling, government slashes spending, GDP tanks
• Frictional
• Structural
• Cyclical
• Seasonal
• Not
You can’t stand this class anymore, drop out, and start looking for work
• Frictional
• Structural
• Cyclical
• Seasonal
• Not
A former switchboard operator is having trouble finding a skilled
position• Frictional
• Structural
• Cyclical
• Seasonal
• Not
Which Type of Unemployment?
• With new and easier tax software, John is afraid H&R Block might not need him in a few years.
– Frictional– Cyclical– Structural– Seasonal
Poor __________ Assignment
• A. Write a brief story about a person who experiences all four types of unemployment within one year.
• B. Title it- Poor (name of character)
• C. Put the type of unemployment in parenthesis, behind each example. (i.e. structural)
Unemployment FormulaUnemployment FormulaUnemployment Rate=
Unemployed Persons/Total Labor Force X 100
Labor Force= all civilians 16+ who are working or looking for a job
Unemployed Persons= 16+ civilians who are looking for a job but do not have one
September Jobs Report
• 7.2% unemployment rate (7.3%
• Unemployed= 11.3 million
• Long Term Unemployed = 4.1 million– 27 weeks
• U-6 rate= 13.6% (13.7%)
• Added 148,000 – 12 month average = 185,000
CalculateCalculatePopulation = 10,000
Population 16-64 = 8,000
Employed Persons = 5,000
Unemployed Persons = 350
---------------------------------------------------------
Labor Force = ____________
Unemployment Rate = ______________
Labor Force Participation Rate = _______
CalculateCalculatePopulation = 10,000
Population 16-64 = 8,000
Employed Persons = 5,000
Unemployed Persons = 350
---------------------------------------------------------
Labor Force = 5,350
Unemployment Rate = 6.54%
Labor Force Participation Rate = 66.88%
Labor Force Participation RateLabor Force Participation Rate
• % of working age people who are– Working– Looking for a Job
• Working Age– 16-64
Consumers Price Index
Subgroups June 2000 June 2001
Restaurant meals and ready-to-eat food
1016 1054
Household appliances and furnishings
996 1043
Clothing 1005 1022
Footwear 1000 1006
Alcoholic drinks 1015 1041
Stationery, books, magazines and newspapers
1008 1066
All Groups 1020 1053
Consumer Price IndexConsumer Price Index
• Babe Ruth’s Salary– 1931= $80,000
• Average Player Today= $2,272,620
Consumer Price IndexConsumer Price Index
• Measures change in price level of a “fixed basket of goods”
• Urban Areas
• Used for Social Security “cost of living” adjustments
Economic Indicators• Business Cycle
– “Real” GDP versus “Nominal”– GDP Deflator– C+I+G+NX– 6 month contraction = Recession
• Unemployment Rate– 4 Types– Calculation
• Inflation– CPI/GDP Deflator– Cost of Living Adjustment– “Real” Income
Stock Indexesmeasure the performance of a segment of the stock market
• Dow Jones Industrial Average – 30 Large Companies
• NASDAQ– 3,000 companies– Technology/growth companies (ex- Google)
• S&P 500– 500 companies of various industries
Economic Indicators• Business Cycle
– *GDP = 16 Trillion– GDP Growth = (about) 2%
• Unemployment Rate– *7.2%
• Inflation– CPI = 1.5%
• Stock Indices
Unemployment FormulaUnemployment FormulaUnemployment Rate=
Unemployed Persons/Total Labor Force X 100
Labor Force= all civilians 16+ who are working or looking for a job
Unemployed Persons= 16+ civilians who are looking for a job but do not have one