The steady state condition ■ Definition:the labor market is in steady state,or long-run equilibrium, if the unemployment rate is constant. -The steady-state condition is: s×E=fxU of employed people who of unemployed lose or leave people who find their jobs jobs CHAPTER 6 Unemployment slide 8slide 8 § Definition: the labor market is in steady state, or long-run equilibrium, if the unemployment rate is constant. § The steady-state condition is: s E = f U # of employed people who lose or leave their jobs # of unemployed people who find jobs 1