Unemployment in Today’s Economy Unit 13.1

Measuring Unemployment Unemployment Rate Underemployed Full Employment

Unemployment Frictional Unemployment – Looking for new work Seasonal Unemployment – Farm work, Holiday Seasons Structural Unemployment – Changing workplace Cyclical Unemployment – Business Cycles Discouraged workers

Bureau of Labor Statistics Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2004 161 44 332 249 307 74 32 132 162 346 65 129 2005 134 239 363 175 245 373 196 67 84 337 159 2006 277 315 280 182 23 77 207 184 157 2 210 171 2007 238 88 188 78 144 71 -33 -16 85 82 118 97 2008 15 -86 -80 -214 -182 -172 -210 -259 -452 -474 -765 -697 2009 -798 -701 -826 -684 -354 -467 -327 -216 -227 -198 -6 -283 2010 18 -50 156 251 516 -122 -61 -42 -57 241 137 2011 70 168 212 322 102 217 106 122 221 183 164 2012 360 226 243 96 110 160 150 225 203 214 2013 197 141 199 201 149 202 237 274 2014 222 304 229 267 256