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According to the surveys conducted every month by U.S. Bureau of Census in which they are asking couples of questions with household’s people about the status of job inmarket conditions along with their age part. Surveys conducted by them known as survey in current Population. Bureau in this case uses outcomes to state labor force anatomy.
You will come across with different categories of population which was used by Bureau along with their main relationship in different categories. It is shown in fig 5.1.
There is the division of population into 2 main groups one is population of working people per age and next one who is able to work at younger age. It will also include that portion of population who are not able to work and resides in institution. Population of working people per age is the people who are more than 16 years andare not living in any place including hospitals, jail or any kind of institution which are running for caring motive.
The division of population is made by Census Bureau where they have divided the population of working people per age into 2 main groups which include populations which are below labor force and people who are not under labor force. They have also divided labor force in 2 heads which includes unemployed and employed people. Thus we can state that labor force includes both unemployed and employed personnel.
If the person wants to count himself in current population surveys then he should have full time or job on part time basis. And if they want to count themselves in unemployed group then in that case he should be ready to do work and comes under one of the three conditions given below:-
- Person is having no work but he has tried in search of the best job for him from last 4 weeks.
- He is waiting to join the previous job which they have left before
- He is waiting to move for other job within a month.
If person is coming at least in one category stated above then he may be treated as unemployed person.Population of working people per age will neither count as unemployed nor employed one in classification of labor force. June year 2010, population of United states was found to be 309.6 millions in which 237.7 was counted as the population of working people per age.84 millions was not considered in the group of labor force which will include people who got retirement from work or children who was studying in school. The left populations of 153.7 constitute US labor force. In this, 139.1 million people are employed and rest 14.6 comes into the category of unemployment.
Market Indicators of Labor
There are indicators of labor market which is calculated by Census Bureau which will include
- Rate of unemployment
- Ratio of employment to the population
- Participation rate of labor force.
Links of Previous Main Topic:-
- Definition of Economics
- Economic Problem
- Market Equilibrium
- Employment and Unemployment
- Why Unemployment Is a Problem
Links of Previous Main Topic:-
- Other Definitions of Unemployment
- Most Costly Unemployment
- Unemployment and Full Employment
- Inflation Price Level and Deflation
- Why Inflation and Deflation Are Problems
- Consumer Price Index
- Measuring the Inflation Rate
- Distinguishing Rate of High Inflation From High
- Employment and Unemployment
- Measuring GDP and Economic Growth
- Economic Growth Macroeconomics
- Policies for Achieving Faster Growth
- The Exchange Rate and the Balance of Payments
- The Dollar and Carry Trade
- Expenditure Multiplier Know the Keynesian Model
