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AP Macroeconomics

This overview of unemployment provides insights into the labor force of the U.S., which consists of approximately 310 million people. It defines unemployment as the percentage of those who are jobless but actively seeking work. Various groups are identified as not being part of the labor force, including children, military personnel, retirees, and full-time students. We also delve into the labor force participation rate (approximately 66% in the U.S.) and the elements that classify individuals as employed or unemployed. This breakdown offers clarity on the dynamics of employment status.

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AP Macroeconomics

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  1. AP Macroeconomics Unemployment

  2. Unemployment • Start with the Population of the Country (310 million) • Unemployment is the percentage of people who do not have jobs that are in the labor force. • Let’s figure out which groups of people are NOT in the labor force!  • Not in Labor Force • Kids • Military personnel • The institutionalized • Stay at home Moms and Dads • Full-time students • Retired people • the DISCOURAGED (to be in the labor force the person has to be LOOKING for work)

  3. Labor force • Number of people in a country that are classified as either employed or unemployed • Labor Force Participation Rate • % of working age population in the labor force (U.S. is approx. 66%)

  4. Unemployment • Employed • People 16 years and older that have a job. • It doesn’t matter if it’s part-time or full-time, as long as they work at least 1 hour every 2 weeks • Those on sick leave, strike, vacation • Unemployed • People 16 years and older that don’t have a job, but have actively searched for a job in the last 2 weeks • Unemployment rate = # of unemployed / # of people in labor force • Remember that the labor force is made up of the employed AND unemployed. • Also remember that to be counted as unemployed the person has to have LOOKED for a job

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