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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What criteria do the BLS use to count someone as employed? As unemployed?

To determine

The criteria used by the Bureau of Labor Statistics (BLS) to count someone as employed and unemployed.

Explanation

To arrive at the best possible measure of the state of unemployment in the economy every month, the Bureau of Labor Statistics (BLS) uses four categories to classify someone as employed or unemployed:

  1. Employed
  2. Unemployed
  3. Out of labor force
  4. Labor force

Employed : It includes those who belong to the working age group (aged 16-59) and working for a paid job.

Unemployed : It includes those who do not have jobs and are willing and able to work...

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