Lecture_8

Lecture_8 - Lecture 8 Econ 2 Tracking the Economy The...

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Lecture 8 Econ 2
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Tracking the Economy The Federal Open Market Committee (FOMC) met on January 28. Fed statement
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Tracking the Economy
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Tracking the Economy
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Tracking the Economy Our next topic: The Labor Market This Friday will be the employment report.
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Tracking the Economy
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Tracking the Economy
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Labor Market How do we know who is working and who isn’t?
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Labor Market Measurement How do we know who is working and who isn’t? Bureau of Labor Statistics (BLS) of the Department of Labor Monthly Survey Current Population Survey (CPS)
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Labor Market Measurement Current Population Survey (CPS) Surveys about 60,000 households each month
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Labor Market Measurement Current Population Survey (CPS) Surveys about 60,000 households each month Why a survey? Why not just count people getting unemployment insurance ?
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Labor Market Measurement Why not just count people getting unemployment insurance ? Some are unemployed when benefits run out Some don’t qualify at all So UI information incomplete
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Labor Market Measurement Why not count up all the unemployed? Would have to go to each household every month Too expensive and time consuming
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Labor Market Measurement Current Population Survey (CPS) Surveys about 60,000 households each month since 1940 Representative sample Across regions Urban and Rural
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Labor Market Measurement Current Population Survey (CPS) About 1500 Census agents survey the households Ask questions of all people in the household 16 years or age or older Reference Week—includes the 12 th of each month
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Labor Market Measurement Current Population Survey (CPS) Want to determine who is: Employed Unemployed Out of the labor force » The labor force = employed + unemployed
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Labor Market Measurement People with jobs are employed. People who are jobless, looking for jobs, and available for work are unemployed. People who are neither employed nor unemployed are not in the labor force.
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CPS Designed so that each person age 16+ who is not in an institution or on active duty in the military is counted and classified in only one category
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CPS Designed so that each person age 16+ who is not in an institution or on active duty in the military is counted and classified in only one category Usually pretty easy to categorize
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Elizabeth Lloyd reported to the interviewer that last week she worked 40 hours as a sales manager for the Western Beverage Company. Elizabeth is:
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Lecture_8 - Lecture 8 Econ 2 Tracking the Economy The...

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