Growth · Macroeconomics · Unemployment

Monitoring the Economy

In the background of the breakfast scene, a local news broadcast discusses the rapidly deteriorating American economy. This episode aired in May 2009 in the midst of the Great Recession. Interestingly, despite one of the worst time periods in American economic history, the White family seems unbothered by the news. The NBER is the agency responsible for classifying whether the economy experienced a recession, but they often don’t make the announcement until well after the recession has concluded. As a result, families often aren’t aware just how bad things will become in the middle of a recession.

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Jesse · Labor · Macroeconomics · Unemployment

Getting a Job

This clip shows Jesse interviewing for, what he thinks it is, a standard sales position. However, he soon finds out that he is in for a sign-twirler job. Nevertheless, the employer would have considered Jesse for the sales position if he possessed the required skills (i.e., a sales license, two-year and on-the-job sales experience, and a college degree). Even though Jesse has significant (on the street) sales experience, he is not qualified for the standard sales position he thought he applied for. Since Jesse lacks the prerequisite skills, he must continue to be frictionally unemployed (until he can find a suitable position).

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