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25 Jun 2019

How is unemployment measured in the United States? Using data provided in lecture handouts, provide a view of how unemployment, labor force participation, and wages vary across various groups

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Lelia Lubowitz
Lelia LubowitzLv2
27 Jun 2019

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Principles of Economics
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Related questions

4. Consider an economy with the following labor force characteristics:
Number of people employed E =135 million
Number of people unemployed U= 15 million

Number of people officially classified as out of the labor force O= 150 million


a.Calculate the unemployment rate using the above data.

b. Calculate the labor force participation rate using the above data.

c. Assume that 10 million unemployed people quit looking for work and 10 million of those people currently out of the labor force make a permanent move from their current residences in Springfield Massachusetts to Hobart Tasmania where they apply for permanent residency. Tasmania is a state in the nation of Australia. Calculate the new labor force participation rate for the United States.


Unemployment is one of the major concerns that people have in today’s economy, since losing one’s job can be one of the most devastating events a person can experience. But what do the numbers actually mean? What is the actual state of the economy, in terms of its ability to generate jobs for its citizens?

Questions:

What is the labor force participation rate? What was the labor force participation rate in 2008? How has it changed since 2008 and what does this change imply for the state of the economy? Does the labor force participation rate effect the unemployment rates reported in the media?

How is unemployment measured and reported?

What is a discouraged worker? Are they included in the basic unemployment rate? Are they included in any measure of unemployment? How has the number of discouraged workers changed since 2008? How does the exclusion of the discouraged worker affect the basic unemployment rate reported in the media?

What is frictional unemployment? What is structural unemployment? What is cyclical unemployment? What economic policies should be used to deal with these types of unemployment? Which type is most prevalent in today’s economy?

Unemployment insurance is designed to help the unemployed. Do these benefits encourage or discourage a person from looking for work? How long should these benefits last?

Does the existence of unions help or hurt the overall economy and the employment rate? Why or why not?

Calculate the missing values in the table below by using the provided data collected in the household survey for December 2017. (Enter your responses as whole numbers.)

Category

Value

Working-age population**

?

Employed**

154 comma 021154,021

Unemployed**

?

Unemployment rate

4.14.1%

Labor force**

?

Labor force participation rate

62.762.7%

 Numbers in thousands

Real-time data provided by Federal Reserve Economic Data​ (FRED), Federal Reserve Bank of Saint Louis.

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