By: Jessica Bevard

Unemployment Rate

Calculated by dividing the number of unemployed people (those not working or those unable to find work) by the number of people in the labor force.

Civilian Labor Force Consists of those that meet three requirements:

1. Must be age 16 years or older

2. Must not be in the military

3. Have to be looking for work

Current Unemployment Rates

US --- 5.9% (as of September 2014)

NC --- 6.3% (as of October 2014)

Three Types of Unemployment

  1. Frictional Unemployment: Workers are temporarily transitioning between jobs.
  2. Structural Unemployment: Employers no longer need the same workers.
  3. Cyclical Unemployment: Results from a recession or drop in the business cycle.