Who will be considered as unemployed as per the bureau of...

Who will be considered as unemployed as per the Bureau of Labor Statistics a. Bobby who is stay at home father taking care of his children. b. Indu who retired last year and currently not working. c. Adel who works in a family business but is not getting paid. d. Sam who lost his job last month and since then applied for jobs in a few places.

Transcript

00:01 Hey guys and welcome to another economics example where we're going to be looking some more into unemployment.

00:06 So similar to the previous example i did, we're going to be going through a bunch of examples here and just blast off whether they are unemployed or not.

00:15 And if they're not, what are they? so starting with a here, a stay -at -home parent who is deciding to forego work to look after their kid.

00:28 They are not considered unemployed.

00:31 So they're not even part of the labor force.

00:37 So yeah, a stay -at -home parent, not even part of the labor force.

00:42 For b here, a worker whose facility factory just closed down, yes, they would indeed be considered unemployed.

00:51 Well, just to save me time, i will just write a you for unemployed there.

00:59 So yeah, if your facility just breaks down, depending.

01:01 On the reason for the closure of the facility.

01:05 This could be part of cyclical unemployment if the facility closed in line with economic cycles.

01:13 But regardless of the reason, yes, this person would be considered unemployed, providing they are actively looking for work.

01:24 So see here, a student doing an unpaid internship is not part of the workforce.

01:30 So they're not unemployed.

01:32 They're just not even part of the workforce.

01:36 A retiree, again, not part of the workforce, not part of the labor force, sorry.

01:42 For e, if a person has been out of work for two years, that's rough.

01:48 I'm sorry to that man...

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