The effects of unemployment on individuals, communities, and the entire country, for that matter, are pervasive. In many cases, unemployment is life-altering. When unemployment is persistently high, government may enact policies to bring it down. So, the unemployment statistics matter! When the unemployment rate is relatively low, its monthly announcement generally goes unnoticed by most people. But when unemployment is relatively high, each report gets a lot of attention and scrutiny; so it's important to know how the unemployment rate is measured. Learn how these data are collected and how unemployment is measured.
Lesson 2 of the Story of Unemployment initially focuses on three types of unemployment. The three are similar in that each represents a jobless situation, however each occurs for a different reason. This lesson will also address efforts to reduce unemployment. You will learn more about the government's efforts to limit unemployment, and how the Federal Reserve supports these efforts. And perhaps most importantly, this lesson will address what you can do to avoid being unemployed.