Consider the BLS definition of "employed" vs. "unemployed." Suppose you had been looking for a job for all of 2020, but to no avail; finally, in December 2020, you gave up and have NOT resumed your search since December, though you would still love to have a job. Are you "unemployed"? Explain briefly.

2. List the different types of unemployment? (Hint: types, not reasons!)

Provide a brief definition for each.

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3. Define the "natural rate of unemployment".

4. Define "full employment".

Now look at some data. A good information source is the Bureau of Labor Statistics website (http://bls.gov), especially their monthly news release The Employment Situation (most recently for October 2021 data, released Nov. 5, 2021) https://www.bls.gov/news.release/pdf/empsit.pdf. (on Moodle)

Based on this information, fill in the following with October 2021 data (see text & Summary Table A):

1. # of unemployed persons ________________ (in thousands)
2. Change in nonfarm payroll employment ________________ (in thousands)
3. unemployment rate (%) ________________
4. Labor Force Participation Rate (%) ________________
5. Which sectors/industries experienced notable job growth?