ECO-205 Lecture Notes - Lecture 5: Uric Acid, Unpaid Work, Efficiency Wage

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4 Dec 2017

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Produced by bureau of labor statistics (bls), in the u. s. dept. of labor. Based o(cid:374) (cid:862)adult populatio(cid:374)(cid:863) (cid:894)16 (cid:455)ea(cid:396)s or older) Employed: paid employees, self-employed, and unpaid workers in a family business. Unemployed: people not working who have looked for work during previous 4 weeks (have to be actively looking for a job) Not in the labor force: everyone else u-rate = 100 x # of unemployed/labor force labor force participation rate = The labor force is the total # of workers, including the employed and unemployed. Unemployment rate (cid:894)(cid:862)u-(cid:396)ate(cid:863)(cid:895): % of la(cid:271)o(cid:396) fo(cid:396)(cid:272)e that is u(cid:374)e(cid:373)plo(cid:455)ed. Labor force participation rate: % of the adult population that is in the labor force. Adult population of the us by group: sept 2013. # of unemployed: 11. 3 million not in labor force: 90. 6 million. Adult population: 144. 3 + 11. 3 + 90. 6 = 246. 2. Labor force participation: (155. 6)/ (246. 2) x 100 = 63. 2%

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).

byzantiumbutterfly960

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)

Another important measure of how an economy is performing is the unemployment rate. But there is more to the unemployment rate than just the headline rate reported on the news. In particular we are going to look at the U3 rate (the Headline rate), the U6 rate and the labor force participation rate. Go to the Bureau of Labor Statistics On their home page from the menu on the right hand side of the page "Latest Numbers" click on Unemployment Rate. On the next page click on "Employment Situation Summary". The December 2014 report should be available. Read the report. Then using the tables linked from the bottom of the report find: The U3 rate; The U6 rate; and, The labor force participation rate. What are the differences among these measures? Note the percentages of each, what each measure includes and then express your views on what factors may be causing the U6 rate to be roughly twice the U3 rate and what may be causing the decline in the labor participation rate? Is the headline rate used by the most news report misleading? For your information, here is a summary of the six unemployment measures. â¢U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force; â¢U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force; â¢U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate); â¢U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers; â¢U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers; and â¢U-6, total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.

ECO-205 Lecture Notes - Lecture 5: Uric Acid, Unpaid Work, Efficiency Wage

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