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Lecture 4

ECO1102 Lecture 4: Week 5_ Feb 7 & 9

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David Gray

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Feb 9 Chapter 10: Unemployment and the demand for labour LFPRs by gender, 1962017 Much smaller gap: LFPRs for women have increased significantly since 1976 but remain below those for men Employment rates by age and gender, 2017 Employments rates are Generally higher for men than for women Except for 15 to 24 years Highest for men and women aged 24 to 44 years Significant for people aged 65 years and over Employment rates by gender, 19762017 Much smaller gap now ERs for women have increased significantly How long are the unemployed out of work? In 2017, the average spell of employment lasted 19.6 weeks (up from 15 weeks in 2008) But average can hide what is really important Example: consider 4 unemployed people 3 are employed for 4 weeks each while the 4th is employed for 52 weeks The average length of employment is 16 weeks But the problem lies only with the 4th person Lesson: care must be taken when interpreting data on unemployment The duration of unemployment, 2017 Most spells of unemployment are short Does the UR reflect how the LM is performing? Does the unemployment rate always accurately reflect whats happening in the labour market? 1. Sue lost her job and begins looking for a new one The unemployment rate rises because Sue is now unemployed This suggests the labour market is worsening and it is Indicator is OK 2. Job, a steelworker who has been out of work since his mill closed last year, becomes discouraged and give up looking for work Jon is discouraged worker He would like to work but was unemployed for the past year and has now left the labour force
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