Unemployment
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
Unemployment Rate (US) In Years Past
Starting at a low point in 2002, the unemployment rate gradually went down, and then rapidly shot up beginning in 2008
Unemployment Rate (US vs. NC) In Years Past
Both start off at about 4% and seem to gradually rise at the same pace until October of 2008 when NC branches off eventually peaking at almost 12% in February 2010
Current Unemployment Rates
US --- 5.9% (as of September 2014)
NC --- 6.3% (as of October 2014)
Three Types of Unemployment
- Frictional Unemployment: Workers are temporarily transitioning between jobs.
- Structural Unemployment: Employers no longer need the same workers.
- Cyclical Unemployment: Results from a recession or drop in the business cycle.
Sources
- https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAYQjB0&url=http%3A%2F%2Fpulse.ncpolicywatch.org%2F2011%2F12%2F05%2Funemployment-up-in-nc-since-last-year-even-as-it-declined-nationally%2F&ei=UviQVOjiJIyZgwTd_4Nw&bvm=bv.82001339,d.eXY&psig=AFQjCNE51yPm34U4a49hXYqAFNPdxEDPyg&ust=1418873291117800
- http://www.investopedia.com/video/play/how-unemployment-defined/
- https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=0CCUQkh8oAA&url=http%3A%2F%2Fwww.bls.gov%2Fcps%2Fcps_htgm.htm&ei=nfmQVNnFDMLsgwS3roHIBA&usg=AFQjCNGYngimdCm9N0pa2SUlIgqWoab25A&bvm=bv.82001339,d.eXY