ECON 101 Lecture 9: ECON 101 L9 CH.15

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crimsonmacaw448

10 Mar 2017

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Produced by bureau of labor statistics (bls) in the us dept. of labor. Based on regular survey of 60,000 households. Based o(cid:374) (cid:862)adult populatio(cid:374)(cid:863) (cid:449)hi(cid:272)h (cid:373)ea(cid:374)s 16 years or older. Labor force is total # of workers, including employed and unemployed. Unemployment rate (u-rate): % of the labor force that is unemployed: u-rate= 100x # of unemployed/ labor force. Labor force participation rate: % of the adult population that is in the labor force: labor force participation rate= 100x labor force/adult population. The u-rate is not a perfect indicator of joblessness or the health of the labor market: It does not distinguish between full-time and part-time work or people working part time because full-time jobs not available: some people misreport their work status in bls survey. Despite these issues, the u-rate is still a very useful barometer of the labor market and economy. There is always some unemployment, though the u-rate fluctuated from year to year.

Related Questions

Suppose that the Bureau of Labor Statistics reports that the entire adult population of Mankiwland can be categorized as follows: 25 million people employed, 3 million people unemployed, 1 million discouraged workers, and 1 million people who are either students, homemakers, retirees, or other people not seeking employment. What is the labor-force participation rate?

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Q#1. Homemakers are not included in the employment or labor force totals compiled by the Bureau of Labor Statistics household survey. They are included in the working-age population totals. Suppose that homemakers were counted as employed and included in the labor force statistics. How would that change affect the following: (a) labor force; (b) labor force participation rate; (c) unemployment rate, and (d) the employment-population ratio? (answer has to be 560 charceters or less)

#Q2: What advice would you give to someone who is frictionally unemployed? What advice would give someone who is structurally unemployed? What advice would you give someone who is cyclically unemployed? (Answer has to be 560 characeters or less)

1. For April 2015, the Bureau of Labor Statistics (BLS) estimates that the number of employed workers in the US was 148,523,000. The total number of workers who were not employed but were actively seeking work or waiting to be recalled from the layoff was 8,549,000. The total number of workers who were not employed and were neither looking for work nor waiting to be recalled from the layoff was 93,194,000.

a. Calculate the number of workers in the labor force and the adult working population.

b. Calculate the labor force participation rate and the unemployment rate.

c. Figure 2.1 in the lecture slides gives the same data, but for April 2013. Calculate the percentage change in the number of unemployed workers, the percentage change in the number of workers in the labor force, and the percentage change in the adult working population between April 2013 and April 2015.

d. Has the labor market improved between April 2013 and April 2015? Has it clearly improved, or is there a chance that it has not actually improved? Justify your answer. (Hint: Compare the labor force participation rate and the unemployment rate for April 2013 and April 2015).

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ECON 101 Lecture 9: ECON 101 L9 CH.15

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