Chapter 28

Chapter 28 goes in depth on labor in America. The adult population is split up into three separate groups. The employed, unemployed, and not in the labor force. The employed and unemployed are part of the labor force together. It's a little strange to imagine the unemployed as part of the labor force, but then the book  points out that the unemployed are still making an effort to become employed so you can't count them out just yet. The people who are not part of the labor force are adults such as full time students or retirees who do not work. The Bureau of Labor Statistics is what quantifies all of these groups and uses those numbers to create statistics. In the complex U.S. economy there will always be unemployment and this is called the natural rate of unemployment. The deviation from this natural rate is called cyclical unemployment. I give this chapter a 1.5/3 so far its not too hard to understand the concept of the labor force and unemployment.