ECON 104 Lecture Notes - Lecture 8: Current Population Survey (Us), Economic Indicator
Document Summary
Unemployment rate- one statistic of many that tries to explain the current situation in the labor market. Input market- the individual is on the supply because they are supplying the labor and the firms are on the demand side because they need workers. Economic indicator- any statistic about the economy. The unemployment rate is calculated by the bureau of labor statistics (bls) They use data gathered by the current population survey census, better known as the household survey. This data is gathered by surveying 60,000 households every month. The cps asks questions to those individuals in the household that are 16 years old or older about their current and past employment situation. Response rate is relatively high because it is so easy to fill out and it"s the government so people figure they should do it. They try to find out if people are working and if they aren"t, why they aren"t working.
