A country's Employment Rigidity Index corresponds to its long-term unemployment rate; the higher the index, the higher the long-term unemployment rate.
The Employment Index in short-term statistics includes those employed in observation units (including employed owners, partners regularly employed in units, and unpaid family workers) and those owned and paid by units. Defined as the total number of people employed outside the unit they do business with.
That is, the percentage of the population currently working. Employment rate is calculated as follows:
(employed ÷ non-institutional population of citizens) x 100.
The ECI is used by the Federal Reserve to monitor the effectiveness of fiscal and monetary policies and to formulate those policies. “The ECI is essential to understanding the American economy,” said Federal Reserve Chairman Ben Bernanke.
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