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ECON 200 Lecture Notes - Lecture 12: Current Population Survey (Us), Unpaid Work, Full Employment

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pucemouse259
14 Dec 2019
School
University of Arizona
Department
Economics
Course
ECON 200
Professor
Chandini Sankaran

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ECON 200 Full Course Notes
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ECON 200 Full Course Notes
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Document Summary

The bureau of labor statistics (u. s. department of labor) reports monthly estimates of employment, unemployment, and other statistics through the. Current population survey (cps) of 60,000 randomly selected households. Paid employees; self-employed; unpaid workers in a family member"s business. Those who were not employed but have tried to find employment during the previous four weeks (actively seeking and willing to work) Waiting to be recalled to a job or recently laid off. People who don"t have paid jobs and are not looking for jobs. Population in 2016- (unable, not willing or not available to work) Total number of workers, employed and unemployed. Percentage of labor force that is unemployed. Unemployment rate = (# of unemployed / labor force) * 100. Percentage of the total adult population that"s in the labor force. Fraction of the population that has chosen to participate in the labor market. Labor force participation rate= (labor force / adult population) * 100.

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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).

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?