Earned Income
Wages, salaries, and other employee compensation plus earnings from self-employment.
Econometric Model
A set of related equations used to analyze economic data through mathematical and statistical techniques. Such models are devised to depict the essential quantitative relationships that determine the behavior of output, income, employment, and prices. Econometric models are used for forecasting, estimating the likely quantitative impact of alternative assumptions, including those pertaining to government policies, and for testing various theories about the way the economy works.
Economic Growth An increase in the production capacity of the economy.
Economic Indicator
A statistical series that has been found to represent fairly accurately changes in business conditions. There are three major groups of economic indicators that demonstrate a consistent relationship to the timing of general business fluctuations: 1) leading indicators signal in advance a change in the basic pattern of economic performance. Examples are new orders for durable goods, construction contracts, formation of new business enterprises, hiring rates, and the average length of the workweek. These indicators move ahead of turns in the business cycle. For this reason, they provide significant clues to future shifts in the general direction of business activity, 2) coincident indicators measure current economic performance. Their movements coincide roughly with aggregate economic activity. Gross National Product, industrial production, personal income, employment, unemployment, wholesale prices and retail sales are examples; 3) lagging indicators, such as capital expenditures and consumer installment debt, usually move up or down after general business activity has altered its course.
Economic Time Series
A set of quantitative data collected over regular time intervals (e.g., weekly, monthly, quarterly, annually) that measure some aspect of economic activity. The data may measure a broad aggregate, such as GNP, or a narrow segment, such as auto sales or the price of copper.
Employed In the Current Population Survey, those individuals 16 years of age or older who worked at least one hour for pay or profit or worked at least 15 unpaid hours in a family business during the reference week are considered employed. Individuals are also counted as employed if they had a job but did not work because they were ill, on vacation, in a labor dispute, prevented from working because of bad weather, or taking time off for personal reasons.
Employee Benefits
Benefits include the cost to employers for paid leave, supplemental
pay (including nonproduction bonuses), insurance, retirement and
savings plans, and legally required benefits (such as Social Security,
workers' compensation, and unemployment insurance). Excluded
from wages and salaries and employee benefits are such items as
payment-in-kind, free room and board, and tips.
Employment (nonfarm payroll)
A count of all persons who worked full- or part-time or received
pay from a nonagricultural employer for any part of the pay period
which included the 12th of the month. Because this count comes
from a survey of employers, persons who work for two different
companies would be counted twice. Therefore, nonfarm payroll
employment is really a count of the number of jobs, rather than the
number of persons employed.
Persons may receive pay
from a job if they are temporarily absent due to illness, bad
weather, vacation, or labor-management dispute. This count is
based on where the jobs are located, regardless of where the
workers reside, and is therefore sometimes referred to as employment
by "place of work." Nonfarm payroll employment data are
collected and compiled based on the Current Employment Statistics
(CES) survey. Formerly referred to as nonagricultural wage and
salary employment.
[See also -
Current Employment
Statistics (CES),
Place of Work]
Employment (total)
A count of all civilians 16 years of age or older who worked for
compensation in a business or on a farm during the week which
included the 12th day of the month; or worked at least 15 hours
(during the week which includes the 12th) as unpaid
workers in a family business; or had jobs from which they were
temporarily absent due to illness, bad weather, vacation, or
labor-management dispute. This count is based on the
residence of the workers, and each worker is counted only once,
even if they hold more than one job. Therefore, this is
sometimes referred to as employment "by place of residence."
The Local Area Unemployment Statistics (LAUS) unit compiles total
employment data.
[See also
Local Area
Unemployment Statistics (LAUS),
Place of
Residence]
Employment and Training Administration (ETA) A part of the U.S. Department of Labor. This agency oversees the state UI programs and job training and placement services provided by state employment security agencies.
Employment Benchmark
A reasonably complete count of employment used to adjust estimates derived from a sample. Adjustment is usually done annually. The basic source of benchmark data for the Current Employment Statistics program is data collected from employers by state employment security agencies as a by-product of the unemployment insurance (UI) system. About 98 percent of all employees on non-agricultural payrolls are covered by the UI system.
Employment Cost Index (ECI) The
ECI measures the rate of change in employee compensation, which includes wages, salaries and employers cost for employee benefits. The ECI was developed in response to a frequently expressed need for such a statistical series. The ECI is comprehensive in that it 1) includes costs incurred by employers for employee benefits in addition to wages and salaries; and 2) covers all establishments and occupations in both the private non-farm and public sectors. It measures the change in the cost of employing a fixed set of labor inputs, so it is not affected over time by changes in the composition of the labor force.
[See also -
Full Employment,
Producer Price Index
(PPI),
Unit Labor Costs]
Employment Population Ratio The proportion of the civilian noninstitutional population age 16 and older that is employed. The state E/P ratio is the dependent variable in the equation that yields monthly state employment estimates.
Employment Status
The indication of whether or not the
individual is employed and the regular period of time that the
individual is employed.
¨
Full-time
Employment: The 40-hour
week, except where fewer hours are normal to the occupation, industry,
or given employer, but on no account less than 30 hours per week.
¨
Part-time
Employment: Employment
which does not meet the full-time employment definition.
Equal Employment Opportunity Commission (EEOC) An independent federal agency established in 1965 to prohibit employment discrimination on the basis of race, color, national origin, religion, gender or physical limitation. The enforcement body for the equal employment provisions of the Civil Rights Act of 1964.
[See also -
Affirmative Action]
ES-202 Program A federal/state cooperative program that collects and compiles employment and wage data for workers covered by state unemployment insurance (UI) laws, and federal by employers. These data are maintained in the state in micro and macrodata forms, and also are provided to BLS. Any data from this program may be generically referred to as ES-202 data.
[See also -
Covered
Employment]
Establishment
An economic unit, such as a farm, mine, factory or store, which produces goods or provides services. It is usually at a single physical location and engaged in one predominant type of economic activity.
Estimate A numerical quantity calculated from sample data, or from a model, and intended to provide information about a universe.
Exhaustees People who have exhausted all of the unemployment insurance benefits to which they are entitled within a benefit year and cannot establish a new benefit year.
Export (X) Domestically produced good or service sold abroad.
[See also -
Import]
Extrapolate
To project values of a variable in an unobserved interval from values within an already observed interval.
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References
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