Who are the ones considered unemployed? There are different definitions of unemployment. A low unemployment rate should be the highest priority to make lives better in a country. On the other hand, there are considerable economic consequences associated with unemployment as well. High unemployment is a waste of manpower and can be used for better results. But, are college students considered unemployed? Is being a student an occupation? Who is considered to be unemployed? Is a student called unemployed? What is the unemployment rate formula in a country?
College students are not considered unemployed. Since they are still not ready to work or in between their education process, college students are not included in the labor force of a country. However, college students can find a job and work and study at the same time. But they are outside the labor force. In some countries, being a student is considered an occupation.
In this article, there is a discussion about unemployment and how college students do not belong to the unemployed category. If you doubt yourself as a college student, this information will help you determine whether you are considered unemployed or not.
Are College Students Considered Unemployed?
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What is unemployment?
Who is considered to be unemployed?
Is being a student an occupation?
Are retired people considered part of the labor force?
Who is not counted in the unemployment rate?
Are part-time workers considered unemployed?
What is unemployment?
If you are able and willing to work but cannot find a job, you are regarded to be unemployed. As a noun, “unemployment” specifies the size of the unemployed population.
In the United States, unemployment is defined more narrowly by the Bureau of Labor Statistics (BLS) as the number of people who are currently without work, have actively sought employment over the preceding four weeks, and are available for work.
People who can work and are actively looking for work but haven’t been able to find it is called “unemployed.” Unemployment is one of several indicators of a country’s economy and is typically quantified by the unemployment rate (the number of jobless individuals as a percentage of the labor force).
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Who is considered to be unemployed?
Should all of those who are currently jobless be considered “unemployed?” No, of course not. A child or a teenager under the age of 16 should not be considered among the unemployed and retirees shouldn’t be included in the unemployment rate.
People who aren’t in the workforce for a variety of reasons, including caring for children, being sick, or on vacation or parental leave are also not included in the unemployed category. The idea is that there is more diversity in employment status.
There is also a third category of neither people who are neither employed nor looking for work for various reasons (e.g., retirement, caring for children, taking a voluntary vacation before starting a new job). People who prefer to work but have given up looking for work are also counted here.
There is a third category of people that economists consider to be “out of the labor force” because they are neither working nor actively seeking employment.
Is being a student an occupation?
In some parts of the world, being a student is considered a legitimate profession. For a student to achieve academic achievement, they must dedicate a great deal of time, effort, and energy.
Students have several daily responsibilities that must be fulfilled if they are to succeed academically. Everything that goes into being a student – from attending lectures and classes to completing assignments and homework and studying for examinations – is essential. Being a student is a full-time job that comes with its fair share of challenges.
Students shouldn’t be considered workers because they aren’t fully qualified to compete in the job market.
Are retired people considered part of the labor force?
Those who are neither working nor looking for work are considered to be outside of the labor force. People who are neither employed nor looking for work fall into this group.
This can include retirees, students, individuals who care for family members, and others. Retirement is a choice and there is a particular age for retirement.
Once the age limit is reached, it is not a choice but a decision to retire from work. Those who are retired at the correct age are not considered unemployed.
Who is not counted in the unemployment rate?
According to Economic Policy Institute website, the unemployment rate is an indicator of the labor force that is unemployed but actively seeking work. People who have not actively sought employment within the last four weeks are excluded from this calculation.
College students are also not included in the unemployment rate. This is an important indicator to measure the condition of the economy of a country. Therefore, the unemployment rate is calculated with the exact labor force and excluded the other parties such as students, retirees, etc.
Are part-time workers considered unemployed?
Full-time employment status is presumed for legal purposes even when an individual is working fewer than 30 hours per week.
As a result of this factor, the unemployment rate tends to underestimate the true level of unemployment. This is because having part-time employment does not consider similar to having a full-time job, even though both parties are technically working. Such people may be moving between jobs and looking to find a permanent job to settle down.
Conclusion
College students are still studying and there is an exception when calculating the unemployed people in a country. However, some students do part-time jobs while pursuing their careers. In many countries, being a student is considered an occupation. People that are classified as “unemployed” are actively looking for work and are available to start as soon as they got a job. It is important to know that the unemployed who are not actively looking for employment (such as full-time students, stay-at-home moms, and retirees) are not counted as a part of the labor force. They are not counted among the unemployed category. Therefore, college students are not considered unemployed.