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Figure 20.3 (Macro 7) Employment-to-Population Ratio for Men, Women, and Everyone

Figure 20.3 (Macro 7) Employment-to-Population Ratio for Men, Women, and Everyone

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Adjustments

• Because the labor force is composed of both fulltime workers and a significant number of part-time

workers, the number employed needs to be

supplemented by other measures that reflect this

fact. Aggregate hours = (average hours per

worker) x (labor force participation) x (workingage population).



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Unemployment and GDP

Increases in unemployment reduce real

GDP as the labor input to production falls

because fewer workers are employed. So an

increase in the natural rate reduces potential

real GDP, provided there are no

accompanying changes in productivity to be

accounted for.



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2. The Nature of Unemployment

• People become unemployed because they are job

losers, job leavers, or new entrants. See Figure

20.4.

• Job losers are unemployed because of the

dynamism of the economy: As jobs are created and

destroyed, workers are often left unemployed in

the process. As a consequence, job vacancies and

unemployment exist at the same time, a reflection

of this dynamism. However, job losers increase

during recessions and decline during booms, as

seen in Figure 20.4.

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Figure 20.4

(Macro 7)

Job Losers, Job

Leavers, New

Entrants and

Re-entrants

(January 2000)



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Unemployment

Job leavers, or quits, are relatively constant over the

cycle due to the opposing forces of reduced quits and

fewer job vacancies in a recession.

• New entrants are a large fraction of the unemployed,

especially on a seasonal basis.

• Most of the unemployed (85 percent) are unemployed

for less than 6 months. See Figure 20.5. However, the

long-term unemployed (the other 15 percent) increase

during recessions and decrease during booms.

• The rate of unemployment varies dramatically across

groups in society, with very high unemployment rates

among minority teenagers.

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Figure 20.3 (Macro 7) Employment-to-Population Ratio for Men, Women, and Everyone

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