xid-679804_1 - The Labor Market Jos R. Rodrguez Sols LABOR...

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The Labor Market José R. Rodríguez Solís
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LABOR MARKET INDICATORS Current Population Survey Every month, 1,600 interviewers working on a joint project of the Bureau of Labor Statistics (BLS) and the Bureau of the Census survey 60,000 households to establish the age and job market status of each member of the household. Working-age population is the total number of people aged 16 years and over who are not in a jail, hospital, or some other form of institutional care or in the U.S. Armed Forces.
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LABOR MARKET INDICATORS The working-age population is divided into those in the labor force and those not in the labor force. Labor force is the number of people employed plus the number unemployed. In August 2007, the U.S. labor force was 152.9 million 145.8 million people were employed and 7.1 million people were unemployed.
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LABOR MARKET INDICATORS Population Survey Criteria The survey counts as employed all persons who, during the week before the survey: 1. Worked at least 1 hour in a paid job or 15 hours unpaid in family business. 2. Were not working but who had jobs from which they were temporarily absent.
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LABOR MARKET INDICATORS The survey counts as unemployed all persons who, during the week before the survey: 1. Had no employment 2. Were available for work, and either: 1. Had made efforts to find employment during the previous four weeks, or 2. Were waiting to be recalled to a job from which they had been laid off.
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LABOR MARKET INDICATORS Figure shows population labor force categories. The figure shows the data for August 2007.
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LABOR MARKET INDICATORS Two Main Labor Market Indicators The unemployment rate The labor force participation rate Unemployment rate is the percentage of people in the labor force who are unemployed. Unemployment rate = Number of people unemployed x 100 Labor force In August 2007, the unemployment rate was 4.6 percent.
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LABOR MARKET INDICATORS Labor force participation rate is the percentage of the working-age population who are members of the labor force. Labor force participation rate = Working-age population x 100 Labor force In August 2007, the labor force participation rate was 65.8 percent.
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LABOR MARKET INDICATORS Discouraged Workers Discouraged worker is a person who does not have a job, is available and willing to work, but has not made specific efforts to find a job within the previous four weeks.
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LABOR MARKET INDICATORS Part-Time Workers Full-time workers are people who usually work 35 hours or more a week. Part-time workers are people who usually work less than 35 hours a week. Involuntary part-time workers are people who work 1 to 34 hours per week but are looking for full-time work.
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LABOR MARKET INDICATORS Aggregate Hours The total number of hours worked by all the people employed, both full time and part time, during a year. In August 2007, 145.8 million people worked an average of 33.8
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This note was uploaded on 04/07/2009 for the course ECO 201 taught by Professor Abc during the Spring '08 term at Northern Virginia.

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xid-679804_1 - The Labor Market Jos R. Rodrguez Sols LABOR...

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