Notes on "Unemployment/Full Employment - Frictional / Structural / Cyclical"
Bureau of Labor Statistics—The government agency that produces the Employment Situation report of which the unemployment rate is one statistic.
Unemployment = Natural separation from employment; underlies the "natural rate of unemployment." Employees looking for positions that are available.
Unemployment resulting from changes in the structure of the economy.
Unemployment that follows the business cycle; falls as the economy expands and increases as the economy slows.
Natural Rate of Unemployment/Full Employment
The unemployment level consistent with full employment; typically considered to be 5% and attributed to frictional and structural unemployment.