00:01
So here we're talking about unemployment, right? and remember, to be unemployed, you need to have no job, plus you need to be actively looking, right? that is the economic definition of what unemployment is.
00:19
So the unemployment rate, however, is a division between the number of people who are unemployed, divided by what we call the labor force, which is the number of people employed, plus the number of people unemployed.
00:40
And that bottom part is called, yeah, the labor force.
00:45
The people who are working and the people who are actively trying to work.
00:50
So we're trying to drive the unemployment rate down, right? we're told this unemployment rate is falling.
00:56
So a has no effect, right? because a, full -time to part -time, they're still employed.
01:06
And so the fraction is not changing, right? employed is any kind of job...