Employment and inflation

Employment. People at work. Persons involved in the production of goods and services. As production requires working time and human capital, firms and other organisations pay people, providing them with a key component of their income. Composition.

Employment can be expressed in number of people working or in total working hours. A mixed measure is the number of hours divided by standard working hours to give a full-time equivalence to jobs. Along their professional life, people are hired, change job– internally or externally to their organisation– and finish their career. In many countries, they thus become pensioners and receive pensions from Social Security or private funds.