UNEMPLOYMENT Unemployment – portion of people in the labor force who are not working – Only include those that are willing & able to work but unable to.

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UNEMPLOYMENT Unemployment – portion of people in the labor force who are not working – Only include those that are willing & able to work but unable to find a job. As of January 2012

Unemployed 15 million

Unemployed = 15 m = Labor Force154 m Unemployment Rate

5 million quit looking Unemployed = 10 m = Labor Force149 m

5 million start looking Unemployed = 20 m = Labor Force159 m

Let’s Review Elizabeth Lloyd reported to the interviewer that last week she worked 40 hours as a sales manager for the Western Beverage Company. Steve Hogan lost his job when the local plant of the Chariot Aircraft Manufacturing Company was closed down. Since then, he has been visiting personnel offices of other businesses in town trying to find a job. Linda Coleman is a homemaker. Last week, she was occupied with her normal household chores. She neither held a job nor looked for a job. Her 80-year-old father who lives with her has not worked or looked for work because of a disability. 210 How are each of these people calculated in the unemployment rate calculation?