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Principles of Economics- Mankiw (5th) 564

Principles of Economics- Mankiw (5th) 564 - 582 PA R T N I...

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582 PART NINE THE REAL ECONOMY IN THE LONG RUN The BLS defines the unemployment rate as the percentage of the labor force that is unemployed: Unemployment rate 100. The BLS computes unemployment rates for the entire adult population and for more narrow groups—blacks, whites, men, women, and so on. The BLS uses the same survey to produce data on labor-force participation. The labor-force participation rate measures the percentage of the total adult pop- ulation of the United States that is in the labor force: Labor-force participation rate 100. This statistic tells us the fraction of the population that has chosen to participate in the labor market. The labor-force participation rate, like the unemployment rate, is computed both for the entire adult population and for more narrow groups. To see how these data are computed, consider the figures for 1998. In that year, 131.5 million people were employed, and 6.2 million people were unemployed.
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