Monday 706

 





Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed.
PART 9 The Real Economy in the Long Run
Chapter 28 of 36 Unemployment
Section 5 of 21
…
Figure 2 – Unemployment Rate Since 1960
This graph uses annual data on the U.S. unemployment rate to show the percentage of the labor force without a job.
The natural rate of unemployment is the normal level of unemployment around which the unemployment rate fluctuates.
(Figure 2a includes recent years data).
…
The labor market data collected by the Bureau of Labor Statistics help economists and policymakers evaluate on-going changes in the economy.
Figure 2 shows the economy always has some unemployment and the unemployment rate constantly changes.
The normal rate of unemployment around which the unemployment rate fluctuates is called the natural rate of unemployment.
Deviation of unemployment from natural rate is called cyclical unemployment.
The natural rate of unemployment is estimated by Congressional Budget Office economists.
For 2007 they estimated a 4.8% natural rate, close to the 4.6% actual unemployment rate.
… …
unemployment rate
shitsugyō-ritsu
失業率

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