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ECON103 Lecture Notes - Lecture 8: Structural Unemployment, Current Population Survey (Us), Frictional Unemployment

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magentaalpaca968
24 May 2017
School
University of Delaware
Department
Economics
Course
ECON103
Professor
Jens Schubert

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Document Summary

Measuring the unemployment rate, the labor force participation rate, and the employment-population ratio. Each month, the bureau of labor statistics (bls) reports estimates of employment, unemployment, and other statistics related to the labor force. There are more than 300 million people in the us, regular monitoring and reporting of their employment activities would be very difficult and costly. Labor force: the sum of employed and unemployed workers in the economy. Unemployment rate: the percentage of the labor force that is unemployed. Each month, the us bureau of the census conducts the current population survey. Reporting hh members of working age (16+ years old) (hh = household) Hh member report their employment during reference week . Hh member report their recent job-search activities. Employed: if worked 1+ hours in reference week (or were temporarily away from their jobs) Unemployed: if not currently at work but available for work and has actively looked for work during the past 4 weeks.

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Related Questions

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?

In July 2009, in the economy of Sandy Island, 10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2009, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force, and 40 people entered the labor force to look for work.

a) Calculate the unemployment rate for July 2009.

b) Calculate the employment-to-population ratio for July 2009.

c) Calculate the number of people unemployed at the end of August 2009.

d) Calculate the number of people employed for the end of August 2009.

e) Calculate the unemployment rate for the end of August 2009.