Economic Challenges: Unemployment.. Essential Standards The student will explain how unemployment is calculated. The student will identify structural,

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Economic Challenges: Unemployment.

Essential Standards The student will explain how unemployment is calculated. The student will identify structural, cyclical and frictional unemployment.

The Unemployment Rate The unemployment rate is measured each month. The unemployment rate is measured each month. The US unemployment rate as of May, 2008 was 5.5%, as of September, 6.1%, as of October, 6.4%, as of December, 7.2%, as of March, 2009, 8.5%., as of June, 2009, 9.1%., as of Nov, 2009, 10.2%., as of March 2010, 9.7%., September 2010, 9.2%. The US unemployment rate as of May, 2008 was 5.5%, as of September, 6.1%, as of October, 6.4%, as of December, 7.2%, as of March, 2009, 8.5%., as of June, 2009, 9.1%., as of Nov, 2009, 10.2%., as of March 2010, 9.7%., September 2010, 9.2%. This measurement is a key measure of economic health. This measurement is a key measure of economic health.

Some Sub-Categories The white female unemployment rate is 7.3% The white female unemployment rate is 7.3% The white male unemployment rate is 8.9% The white male unemployment rate is 8.9% The black male unemployment rate is 19% The black male unemployment rate is 19% The black female unemployment rate is 12.4% The black female unemployment rate is 12.4% The Asian unemployment rate is 7.5% The Asian unemployment rate is 7.5%

Measuring Employment Bureau of Labor Statistics—conducts a survey of 50,000 each month… This represents the US population… Based on these interviews, the BLS computes the… Unemployment rate— the percentage of the work force that is unemployed.

You Are Employed… If you meet any of the three criteria: If you meet any of the three criteria: 1. If you have worked for pay for one or more hours this week. 2. If you have worked without pay in a family business 15+ hours. 3. If you have a job, but have been ABSENT due to illness, weather, vacation, etc.

You Are Unemployed… 1. If you don’t meet any of the preceding criteria… 2. And if you’ve been actively looking for work during the past 4 weeks.

Types of Unemployment: Frictional Includes people who have decided to LEAVE one job and LOOK for another. Also, new entrants and re-entrants into the LABOR FORCE. Economists consider frictional unemployment as a NORMAL part of a healthy economy.

Structural Unemployment Structural unemployment occurs as a result of changes in TECHNOLOGY or CONSUMER PREFERENCES. EX: Many typewriter repairman had to find new work as typewriters were replaced by computers. Structural unemployment is also considered a healthy part of the economy.

Cyclical Unemployment ► Unemployment that results from economic DOWNTURNS. ► Cyclical is the most harmful to the economy. ► During the Great Depression, the unemployment rate reached an all time high of about 25%. ► As recently as 1991 and 1992, the unemployment rate reached 7.5%.

Levels of Employment Full employment—no cyclical unemployment exists (but other categories do). Underemployment— working at a job for which you are overqualified... Or working part-time when full time is desired. Discouraged workers— have given up looking…and do not appear in the unemployment rate.