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Ever wonder how the Bureau of Labor Statistics calculates the ever-changing unemployment rate? Sal begins explaining this by breaking down the US population into subsets, including the labor force and the unemployed. He explains the formula to calculate the unemployment rate, then goes into more detail about what constitutes a member of this subset. He discusses marginally attached workers and explains how the effect they have on the total rate. Sal does a nice job of using hypothetical population statistics to simplify these points for scholars.
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