Notes

Bureau of Labor Statistics (BLS):
A research agency of the United States Department of Labor that compiles statistics on employment, unemployment and other economic data.
Business cycle:
The fluctuating levels of economic activity in an economy over a period of time measured from the beginning of one recession to the beginning of the next.
C

Current Population Survey:
A statistical survey carried out by the U.S. Bureau of Labor Statistics.
Cyclical unemployment:
Unemployment associated with recessions in the business cycle.
E

Employed:
People 16 years and older who have jobs.
Employment rate:
The percentage of the labor force that is employed.
F

Frictional unemployment:
Unemployment that results when people are new to the job market, recent graduates, or transitioning from one job to another
Full employment:
The lowest possible unemployment rate in a growing economy with all factors of production used as efficiently as possible.
I

Inflation:
An increase in the general price level of all goods and services.
L

Labor force:
The total number of workers, including both the employed and the unemployed.
N

Natural rate of unemployment:
The rate of unemployment that does not contain cyclical unemployment.
R

Recession:
A period of declining real income and rising unemployment; significant decline in general economic activity extending over a period of time.
S

Seasonal unemployment:
Unemployment caused by seasonal changes in the weather or seasons.
Structural unemployment:
Long-term joblessness caused by a mismatch in the skills held by those looking for work and the skills demanded by those seeking workers.
U

Unemployment:
A condition where people 16 years of age and older are without jobs and actively seeking work.
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