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Lec_4_Unemployment_Rate

Lec_4_Unemployment_Rate - EC 400 Measurement of the...

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EC 400 1 Measurement of the Unemployment Rate The unemployment rate is calculated by the Bureau of Labor Statistics (BLS) Uses data from a survey is conducted by the Bureau of the Census Survey is called the Current Population Survey (CPS) (the household survey) Set up of CPS 60,000 households Each household interviewed for 4 consecutive months N t i t i d f 8 th Not interviewed for 8 months Interviewed for another 4 months Then dropped from the sample
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EC 400 2 Set up of CPS 50% of households surveyed during 2006 were survey during 2005. 50% of households surveyed during 2006 will be survey during 2007 will be survey during 2007. 75% of households surveyed during any month were also surveyed during the previous month. Set up of CPS Survey takes place during the week that includes the 19 th day of the month. Questions refer to the week that includes the 12 th day of the month (called the day of the month (called the reference week). Definition of Unemployment Rate Employed means working for pay (during reference week).
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