Principles of Macroeconomics Econ 231 Fall 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University.

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Principles of Macroeconomics Econ 231 Fall 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University

Labor Market Definitions Labor force Civilian non-institutionalized population 16 years and older who are either working or actively seeking work. Employed Those in the labor force who work for a wage or salary either part time or full time. Unemployed Those in the labor force who are not currently working but are actively seeking work.

Labor Market Definitions Labor force participation rate (LFPR) LF/pop (labor force divided by civilian non- institutionalized population age 16 and over) Employment to population ratio (EP ratio) Employed/pop Unemployment rate Unemployed/LF (unemployed divided by labor force)

Labor Market Definitions Frictional unemployment Normal turnover, new entrants, job changers Structural unemployment Unemployment due to long term changes in the economy. (Example: Use of robotics in auto production displaced many auto workers.) Cyclical unemployment Unemployment due to the business cycle.