For example, the housing bubble was captured as a pure economic gain. Residential investment including the building of new homes and home renovations surged to historic highs, but the overinvestment in homes eventually caused a deep recession that has left in its wake thousands of empty, unused houses.
This GDP growth was unsustainable. Moreover, the business cycle was the first expansion on record where the typical family did not see a rise in income: median household income over this period was essentially flat even as GDP rose. GDP has four major components. Personal consumption expenditure measures the market value of goods and services consumed by individuals. Gross domestic private investment includes the value of new residential investments, non-residential investment in structures and equipment, and the change in the value of business inventories.
Net Exports are defined as the value of exports less the value of imports. Government consumption expenditures and gross investment includes government spending on goods and services; this spending, however does not include transfer payments such as Social Security , which are captured in other components of GDP, such as consumer spending.
In order to compare between different time periods, the change in GDP, much like payroll employment explained above, is indexed to a certain benchmark. This index provides the percentage change in GDP from any point in time and gives a way to compare GDP changes at different points in time.
Capacity utilization measures the share of industrial capacity in the United States currently in use. It is one of the chief measures of the output gap, or the difference between how much the country is producing and how much it could be producing. The Federal Reserve, when calculating the monthly measurements, provides more detail than whether a factory is open or closed. Resources Useful Definitions. Unemployment Rate While no single number captures all the nuances in the health of the labor market, the unemployment rate is considered one of the most important economic indicators.
Underemployment Rate Underemployment includes three groups of people: unemployed workers who are actively looking for work; involuntarily part-time workers who want full-time work but have had to settle for part-time hours; and so-called marginally-attached workers who want and are available to work, but have given up actively looking. Labor Force Participation Rate The Labor Force Participation Rate shows the number of people in the labor force—defined as the sum of employed and unemployed persons—as a share of the total working-age population, which is the number of civilian, non-institutionalized people, age 16 and over.
Payroll Employment Payroll employment is taken from the Current Establishment Survey, which, unlike the household-based Current Population Survey used to track the indicators described above, is a survey of employers. Job Seekers per Job Opening The number of job seekers per job opening is another indicator of the strength of the labor market. Capacity Utilization Capacity utilization measures the share of industrial capacity in the United States currently in use.
Search for:. Sign up to stay informed New research, insightful graphics, and event invites in your inbox every week. Last week , were you on layoff from a job? What was the main reason you were absent from work last week?
For those who respond "yes" to question 5 about being on layoff, the following questions are asked: Has your employer given you a date to return to work? If "no," the next question is: Have you been given any indication that you will be recalled to work within the next 6 months? If the responses to either question 7 or 8 indicate that the person expects to be recalled from layoff, he or she is counted as unemployed. For those who were reported as having no job or business from which they were absent or on layoff, the next question is: Have you been doing anything to find work during the last 4 weeks?
For those who say "yes," the next question is: What are all of the things you have done to find work during the last 4 weeks? If an active method of looking for work, such as those listed at the beginning of this section, is mentioned, the following question is asked: Last week , could you have started a job if one had been offered? If there is no reason, except temporary illness, that the person could not take a job, he or she is considered to be not only looking but also available for work and is counted as unemployed.
Some fictional examples of typical responses that may result in a person being classified as unemployed are:. The total unemployment figures cover more than the number of people who have lost jobs. They include people who have quit their jobs to look for other employment, workers whose temporary jobs have ended, individuals looking for their first job, and experienced workers looking for jobs after an absence from the labor force for example, stay-at-home parents who return to the labor force after their children have entered school.
Information also is collected for the unemployed on the industry and occupation of the last job they held if applicable , how long they have been looking for work, their reason for being jobless for example, did they lose or quit their job , and their job search methods.
As mentioned previously, the labor force is made up of the employed and the unemployed. The remainder—those who have no job and are not looking for one—are counted as not in the labor force.
Many who are not in the labor force are going to school or are retired. Family responsibilities keep others out of the labor force.
Since the mids, typically fewer than 1 in 10 people not in the labor force reported that they want a job. A series of questions is asked each month of persons not in the labor force to obtain information about their desire for work, the reasons why they had not looked for work in the last 4 weeks, their prior job search, and their availability for work.
These questions include the following the bolded words are emphasized when read by the interviewers. These questions form the basis for estimating the number of people who are not in the labor force but who are considered to be marginally attached to the labor force.
These are individuals without jobs who are not currently looking for work and therefore are not counted as unemployed , but who nevertheless have demonstrated some degree of labor force attachment. Specifically, to be counted as marginally attached to the labor force, they must indicate that they currently want a job, have looked for work in the last 12 months or since they last worked if they worked within the last 12 months , and are available for work.
Discouraged workers are a subset of the marginally attached. Discouraged workers report they are not currently looking for work for one of the following types of reasons:. When the population is classified according to who is employed, unemployed, and not in the labor force on the basis of their activities during a given calendar week, situations are often encountered where individuals have engaged in more than one activity. Since individuals are counted only once, a system of priorities is used to determine their status.
Labor force activities take precedence over non-labor force activities, and working or having a job takes precedence over looking for work. Some hypothetical examples are:.
To summarize, the employed are: All those who did any work for pay or profit during the survey reference week. All those who did at least 15 hours of unpaid work in a business or farm operated by a family member with whom they live. All those who were temporarily absent from their regular jobs because of illness, vacation, bad weather, labor dispute, or various personal reasons, whether or not they were paid for the time off. The unemployed are: All those who did not have a job at all during the survey reference week, made at least one specific active effort to find a job during the prior 4 weeks, and were available for work unless temporarily ill.
All those who were not working and were waiting to be called back to a job from which they had been laid off. They need not be looking for work to be classified as unemployed. Because of the wide variety of employment arrangements and job seeking methods found in the U. When all of the details are considered, the definitions may seem rather complicated.
The basic concepts, however, remain little changed since the inception of the CPS in People with jobs are employed , people who do not have jobs and are looking for jobs are unemployed , and people who meet neither labor market test are not in the labor force. Other important labor market statistics are developed using the basic survey estimates of people employed, unemployed, and not in the labor force. These statistics include: The number of people in the labor force.
This measure is the sum of the employed and the unemployed. In other words, the labor force level is the number of people who are either working or actively seeking work. The national unemployment rate. Perhaps the most widely known labor market indicator, this statistic reflects the number of unemployed people as a percentage of the labor force.
The labor force participation rate. This measure is the number of people in the labor force as a percentage of the civilian noninstitutional population 16 years old and over.
In other words, it is the percentage of the population that is either working or actively seeking work. The employment-population ratio. This measure is the number of employed as a percentage of the civilian noninstitutional population 16 years old and over. In other words, it is the percentage of the population that is currently working. Each month, national summary statistics on unemployment and employment are published in a news release titled The Employment Situation.
The dates of release are announced in advance and made available on the BLS release calendar. Detailed information also is published in tables online and in numerous news releases and reports. Historical data series can be obtained from various database tools.
Total employment and unemployment are higher in some parts of the year than in others. For example, unemployment is higher in January and February, when it is cold in many parts of the country and work in agriculture, construction, and other seasonal industries is curtailed.
Also, both employment and unemployment rise every June, when students enter the labor force in search of summer jobs. The seasonal fluctuations in the number of employed and unemployed people reflect not only the normal seasonal weather patterns that tend to be repeated year after year, but also the hiring and layoff patterns that accompany regular events such as the winter holiday season and the summer vacation season.
These variations make it difficult to tell whether month-to-month changes in employment and unemployment are due to normal seasonal patterns or to changing economic conditions. To deal with such problems, a statistical technique called seasonal adjustment is used. This technique uses the past history of the series to identify the seasonal movements and to calculate the size and direction of these movements.
A statistical procedure is then applied to the estimates to remove the effects of regular seasonal fluctuations on the data. Seasonal adjustment eliminates the influence of these fluctuations and makes it easier for users to observe fundamental changes in the level of the series, particularly changes associated with general economic expansions and contractions.
Many of the monthly time series for major labor market indicators, especially those in the monthly Employment Situation report, are seasonally adjusted. There is only one official definition of unemployment—people who are jobless, actively seeking work, and available to take a job, as discussed above.
The official unemployment rate for the nation is the number of unemployed as a percentage of the labor force the sum of the employed and unemployed. Some have argued, however, that these unemployment measures are too restricted, and that they do not adequately capture the breadth of labor market problems. For this reason, economists at BLS developed a set of alternative measures of labor underutilization.
These measures, expressed as percentages, are published every month in The Employment Situation news release. They range from a very limited measure that includes only those who have been unemployed for 15 weeks or more to a very broad one that includes total unemployed, all people marginally attached to the labor force, and all individuals employed part time for economic reasons.
More information about the alternative measures is available on the BLS website. The CPS also is used to obtain detailed information on particular segments of the population and labor force. Generally, these "supplemental" inquiries are repeated annually or biennially in the same month and include topics such as annual earnings, income , and poverty of individuals and families published by the Census Bureau ; the extent of work experience of the population during the prior calendar year; the employment of school-age youth, recent high school graduates, and dropouts; job tenure; displaced workers; and veterans with a service-connected disability.
Some additional supplements that are unrelated to labor force issues, such as those on smoking and voting, also are conducted through the CPS, although they are not sponsored by BLS. Supplemental questions are asked following the completion of the regular monthly labor force questions. Results of these special surveys usually are published in news releases and other BLS reports. The Local Area Unemployment Statistics LAUS program publishes monthly estimates of employment and unemployment for approximately 7, areas, including all states, counties, metropolitan areas, and cities of 25, population or more, by place of residence.
These estimates are key indicators of current local economic conditions. BLS is responsible for the concepts, definitions, technical procedures, validation, and publication of the estimates that state government agencies prepare under agreement with BLS. Because the CPS survey of 60, households nationwide is insufficient for creating reliable monthly estimates for statewide and substate areas, LAUS uses three different estimating procedures, each being the most appropriate for the level of geography being estimated.
In general, estimates for the states are developed using statistical models that incorporate current and historical data from the CPS, the Current Employment Statistics CES program , and regular state unemployment insurance UI systems. These model-based state estimates are also controlled in "real time" to sum to the not seasonally adjusted national monthly CPS totals. Model-based estimates are also developed for seven large substate areas and their respective balances of state.
Estimates for the substate labor market areas are produced through a building-block approach known as the "Handbook method. Below the labor market area level, estimates are created for counties, cities, and towns above 25, population using disaggregation techniques based on inputs from the decennial census, annual population estimates, and current UI data.
Unlike the LAUS state and substate labor force estimates, which have multiple sources of inputs and are available on a monthly basis, the demographic labor force data from the Geographical Profile of Employment and Unemployment GP bulletins , also published by LAUS, are derived solely from the CPS and are issued annually.
National CPS data can be found on the Internet at www. State, city, county, and other local area employment and unemployment data are available on the Internet at www. Unemployment insurance UI programs are administered at the state level and provide assistance to jobless people who are looking for work. But the BLS does track these people in the U-6 unemployment rate. Some people call this the " real unemployment rate.
The BLS identifies people in this group as "marginally attached to the labor force. They've given up looking because they don't think there are jobs out there for them. Anyone younger than age 16 is not included in the American labor force, even if they're working. The consequences of unemployment are financially and emotionally destructive for individuals.
Long-term unemployment can lead to financial instability or poverty, which can also cause physical and mental health problems. The economy loses one of its key growth drivers when that many people are unemployed: consumer spending.
Workers have less money to spend until they find another job. Lower consumer spending reduces business revenue, and this forces companies to cut more payroll to reduce their costs. It can contribute to a downward economic spiral. Those who are unemployed long-term may find that their job skills no longer match the requirements of new jobs being offered.
This is called " structural unemployment. This group may not be able to get good jobs, despite laws prohibiting age discrimination. They may get part-time or low-paying entry-level jobs to make ends meet until they can take early Social Security benefits at age It can deepen a recession or depression when high national unemployment continues.
Bureau of Labor Statistics. Accessed Nov. Pew Research Center. Federal Reserve Bank of St. National Center for Biotechnology Information. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products.
List of Partners vendors.
0コメント