ps3ans - Economics 202 Principles of Macroeconomics Name...

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Economics 202 Name: _______________ Principles of Macroeconomics Professor Melick Problem Set #3 Due Wednesday February 9, 2005 1. Using not seasonally adjusted data from Tables A-1 and A-13 of the January Employment Situation Summary produced by the Bureau of Labor Statistics (available via http://www.bls.gov/cps/) fill in the table below. Labor Market Statistics, January 2008 not seasonally adjusted in Thousands Civilian Labor Force 152,828 Employed 144,607 Unemployed 8,221 Not in the Labor Force 79,788 Currently Want a Job 4,977 Searched for Work and Available Now 1,577 Not Currently Searching – Discouraged 467 Not Currently Searching – Not Discouraged 1,262 B. In the space below calculate to two decimals places, showing your work , the official unemployment rate. Calculate three other measures of unemployment – one that redefines the labor force to include discouraged workers, a second that redefines the labor force to include all those who have searched for work and are currently available for work, and a third that redefines the labor force to include all those who currently want a job. 1 2 3 unemployed 8221 5.38% labor force 152828 8221 467 5.67% 152828 467 8221 1577 6.35% 152828 1577 8221 4977 8.36% 152828 4977 u u u u = = = + = = + + = = + + = = +
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2. There has been quite a bit of controversy, especially during the 2004 Presidential election, over the best way to measure employment. During that time, the payroll (establishment) and the household surveys have shown large differences in employment. Senator Kerry pointed to the payroll numbers when talking about job destruction, while President Bush pointed to the household survey when talking about job creation. Data from the payroll survey and household survey are available in a convenient form from the St. Louis Federal Reserve bank ( http://research.stlouisfed.org/fred2/ ). Use this source to obtain the Civilian Employment series from the Household survey and the Total Non-Farm Payrolls – All Employees from the Establishment survey for July 1990 to the present. According to the National Bureau of Economic Research (the organization that provides the quasi-official judgment of when the economy enters a recession) the last two recessions started in July 1990 and March 2001 ( http://www.nber.org/cycles.html/ ). Prepare two charts in Excel that compare the two surveys in the months after the start of the last two recessions. The first chart should plot the employment numbers from the two surveys from July 1990 through May 1994. To make things comparable,
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ps3ans - Economics 202 Principles of Macroeconomics Name...

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