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The unemployment rate is the percentage of the people in the labor force who are unemployed. It equals 
and Labor force = Number of people employed + Number of people unemployed. Between 1980 and 2010 the unemployment rate averaged 6.2 percent.
The employment-to-population ratio is the percentage of people of working age who have jobs. It equals 
In recent years the employment-to-population ratio has been about 62 percent. It fell during the recession and in June 2010 was 58.5 percent.
The labor force participation rate is the percentage of working-age population who are members of the labor force. It equals 
The labor force participation rate has been declining since it reached about 67 percent in 2000 and in June 2010 was 64.7 percent.
Marginally attached workers are people who are available and willing to work but currently are neither working nor looking for work. These workers often temporarily leave the labor force during a recession and decrease the labor force participation rate. Because they are no longer counted as unemployed, marginally attached workers lower the unemployment rate. A discouraged worker is a marginally attached worker who has stopped looking for work because of repeated failures to find a job.
Economic part-time workers are people who are working part-time but would like to find full time work. These workers are not unemployed by the U-3 standard but are considered “part-unemployed.”
Marginally attached workers (and discouraged workers) as well as economic part-time workers who want a full-time job are not counted as unemployed in the official unemployment rate.
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| IV. Why Labor Productivity Grows | | | Types of Unemployment |