UNEMPLOYMENT(UE)
We need to measure the unemployment rate for an economy, because we want to know what proportion of our population is engaged in some form of productive activity, because at the end of the day we all know that for happiness and confidence, we need to be productively contributing to society.
For the U.S. economy, the UE data are collected by The Bureau of Labor Statistics (BLS), of the Labor Department. How?
Every month the BLS collects a survey of 60, 000 households, across the U.S. asking UE related questions.
So let's ask what do we mean by:
We need to measure the unemployment rate for an economy, because we want to know what proportion of our population is engaged in some form of productive activity, because at the end of the day we all know that for happiness and confidence, we need to be productively contributing to society.
For the U.S. economy, the UE data are collected by The Bureau of Labor Statistics (BLS), of the Labor Department. How?
Every month the BLS collects a survey of 60, 000 households, across the U.S. asking UE related questions.
So let's ask what do we mean by:
Employed?
–Those who worked in
•as Paid employees
•or In their own business
•or as Unpaid workers in a family member’s business
–Thus Full-time and part-time workers are included.
–Also included areTemporarily absent
•Vacation, illness, bad weather
For additional topics, please refer to:
https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/economic-iondicators-and-the-business-cycle
