Unemployment Rate

Unemployment Rate

Unemployment Rate

Four Types of Unemployment

The Labor Market and Labor Force

WHAT IS THE LABOR MARKET AND WHY IS IT IMPORTANT?

Jobs (employment) are a vital part of our economy. Employment generates income, investments, and determines our standard of living (how well we live). Therefore, understanding what is happening with the supply and demand of jobs or what we call the labor market is very important. It is important to know what types of jobs exists, how much jobs are paying, who is being hired, and how many people are employed.

The Bureau of Labor Statistics (BLS)

The government regularly measures the labor market in order to gain a better understanding of how our economy is doing. The Bureau of Labor Statistics (BLS) is the agency that collects and processes a large amount of labor market data. This information is available to everyone through BLS website. Our government and the public use the labor market information provided by BLS to create economic policies and make important decisions.

Multiple Choice

1. What do jobs (employment) generate?

• income

• friends

• vacations

Multiple Choice

2. What is the labor market?

• home depot parking lot

• place to go to work

• supply and demand of jobs

Multiple Select

What is important to know about the labor market? check all that apply

• types of jobs exists

• how much jobs are paying,

• who is being hired,

• how many people are employed.

Fill in the Blank

The government regularly measures _________in order to gain a better understanding of how our economy is doing.

Fill in the Blank

__________ is a government agency that collects and processes labor market data.