Cyclical Industry - An industry whose sales and profits reflect the ups and downs of the business cycle. Cyclical Unemployment - Unemployment that is caused by periodic declines in business activity that give rise to an inadequate demand for workers. Discouraged Worker - Person who would like to work but is not actively seeking employment because of a feeling that there are no jobs available. Dislocated or Displaced Workers - Workers who are laid off or dismissed due to structural changes in their industry or occupation, such as plant closing or relocation, increased competition, automation or market changes. Durable Goods - Items with a normal life expectancy of three years or more, such as automobiles and furniture.
Durable goods are the most volatile component of consumer expenditures.
Econometric Model - A set of related equations used to analyze economic data through mathematical and statistical techniques. Econometric models are used for forecasting, estimating the likely quantitative impact of alternative assumptions, including those of government policies, and for testing various theories about the way the economy works. Economic Indicator - A statistical series that has been found to represent fairly accurately the changes in business conditions. Individuals are also counted as employed if they have a job but did not work because of illness, bad weather, vacation, labor dispute, or other personal reason. Frictional Unemployment - The temporary joblessness which results from individuals who are between jobs, are engaged in seasonal work, have quit their jobs and are looking for better ones, or are looking for their first jobs.