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ECO 304L Chapter Notes - Chapter 15: Unpaid Work, Business Cycle

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viridianraven17
9 May 2017
School
UT-Austin
Department
Economics
Course
ECO 304L
Professor
M O S T A S H A R I, S H A L A H

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Document Summary

Those not working but had jobs from which they were temporarily absent (vacation, illness, bad weather, etc. ) Not employed but tried finding employment during the previous four weeks. Those waiting to be recalled to a job from which they had been laid off. Labor force: the total number of workers, including both the employed and the unemployed. Labor force = number of employed + number of unemployed. Unemployment rate: the percentage of the labor force that is unemployed. Unemployment rate = (number of unemployed / labor force) * 100. Labor-force participation rate: the percentage of the adult population that is in the labor forces. Labor-force participation rate = (labor force / adult population) * 100. Natural rate of unemployment: the normal rate of unemployment around which the unemployment rate fluctuates. Cyclical unemployment: the deviation of unemployment from its natural rate. Peaks: local high points in business cycle. Troughs: local low points in business cycle.

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Related Questions

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 calculating the unemployment rate, part-time workers are:

A. Counted as unemployed because they are not working full-time

B. Counted as employed because they are receiving payment for work.

C. Used to determine the size of the labor force, but not the unemployment rate

D. Treated the same as "discouraged" workers who are not actively seeking employment

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).