1. Chapter 9 section 1
Labor Market Trends

2. Tracking the Labor Force
The labor market can change in a good way or a bad way.
The BLS sends out surveys to every nonmilitary house hold to determine the labor force.

3. Employment
Economist consider people employed from the age of 16 and old must meet the following requirements.
They worked at least one hour for pay with in the past week.
Worked for 15 or more hours without pay in a family business; such as a farm.
Held jobs but did not work due to illness, vacation, labor disputes, or bad weather.

4. Unemployment
Temporally without work or are not working but have looking for jobs within 4 weeks.

5. 9.1 composition of the U.S. labor force
Total U.S. Population
Total civilian
noninstitutionalized
U.S. Population
Military
institutionalized
Nonlabor Force
Total
U.S. Labor
force
Employed
unemployed

6. Occupational Trends
Shits in job markets reflects major shits in the economy produces.
Fewer goods more services; production of services is increased faster than our production of goods.

7. The Changing Labor Force
In the 1950’s a typical worker had to graduate from high school and he would have a 40 hour job no problem. And would retire at 65.
Today people will have to go though 4-5 different jobs during is life and retire at 62 or earlier.

8. Temporary Workers Flexible work hours Much easier to discharge
Are paid less
Preferred because of the hours of flexiblity

9. Trends in Wages and Benifits
Employers used to be paid in wages, but now
Have benefits that include
Health insurance; retirement funds; year-end bouns and many more.

10. Chapter 9 section 1 Key Terms Labor force Learning effect
Screening effect
Contingent employment
Economics: Principles in Action:
Chapter 9 Section 1 pages