ECON 202 Lecture Notes - Lecture 5: Efficiency Wage, Barometer, Discouraged Worker

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oliveherring530

7 Mar 2016

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Labor force statistics are produced by bureau of labor statistics (bls), in the u. s. dept. of labor. They are based on regular survey of 60,000 households and reflect data for adult population (16 yrs or older) Employed: paid employees, self-employed, and unpaid workers in a family. Unemployed: people not working who have looked for work during previous 4 business weeks. Not in the labor force: everyone else. The labor force is the total # of workers, including the employed and unemployed. Percentage of labor force that is unemployed. Percentage of adult population that is in the labor force. Compute the labor force, u-rate, adult population, and labor force participation rate using this data: Adult population of the u. s. by group, (june 2008) Labor force = employed + unemployed = 145. 9 + 8. 5 = 154. 4 million. U-rate = 100 x (unemployed)/(labor force) = 100 x 8. 5/154. 4= 5. 5%

Related Questions

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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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)

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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ECON 202 Lecture Notes - Lecture 5: Efficiency Wage, Barometer, Discouraged Worker

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