00:01
Hello, so the bureau of labor statistics or the bls categorizes individuals into three main categories and those are going to be employed, unemployed, and then not in the labor force.
00:13
So unemployed is going to include any individual who is going to be 16 or older and currently has a job regardless of whether it's part -time or full -time.
00:23
Unemployed is going to include individuals who are again 16 years or older and are currently without a job actively seeking employment and available to work.
00:33
So the considered unemployed individuals must have made specific efforts to find employment within the past four weeks but then not in the labor force.
00:43
Well this would include individuals who are 16 years again 16 years or older and are neither employed nor are they actively seeking employment.
00:52
So it's going to be individuals who would be retired, students, homemakers, individuals with disabilities, or individuals who have given up actively searching for a job would be considered not in the labor force.
01:07
So then the bls computes various labor market indicators including the labor force unemployment rate and labor force participation rate using data from the current population survey or the cps...