Source: Images by Video Scribe, License held by Colton Cranston; Graph of Natural Rate of Unemployment 1949 to 2023, St. Louis Federal Reserve NROU series, public domain, http://research.stlouisfed.org/fred2/graph/?id=NROU
The government agency that produces the Employment Situation report of which the unemployment rate is one statistic.
Unemployment that follows the business cycle; falls as the economy expands and increases as the economy slows.
Unemployment = natural separation from employment; underlies the "natural rate of unemployment." Employees looking for positions that are available.
The unemployment level consistent with full employment; typically considered to be 5% and attributed to frictional and structural unemployment.
Unemployment resulting from changes in the structure of the economy.