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Chapter 28 -- Carlos Pitta

Chapter 28 -- Carlos Pitta - Chapter 28 Unemployment...

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CHAPTER 28 UNEMPLOYMENT 1 Chapter 28 Unemployment Instructor: Carlos Pitta
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CHAPTER 28 UNEMPLOYMENT 2 In this chapter, look for the answers to these questions: How is unemployment measured? What is the “natural rate of unemployment”? Why are there always some people unemployed? How is unemployment affected by unions and minimum wage laws? What is the theory of efficiency wages, and how does it help explain unemployment? 0
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CHAPTER 28 UNEMPLOYMENT 3 Labor Force Statistics Produced by Bureau of Labor Statistics (BLS), in the U.S. Dept. of Labor Based on regular survey of 60,000 households Based on “adult population” (16 yrs or older) 0
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CHAPTER 28 UNEMPLOYMENT 4 Labor Force Statistics BLS divides population into 3 groups: employed : paid employees, self-employed, and unpaid workers in a family business unemployed : people not working who have looked for work during previous 4 weeks not in the labor force : everyone else The labor force is the total # of workers, including the employed and unemployed. 0
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CHAPTER 28 UNEMPLOYMENT 5 labor force participation rate labor force adult population = 100 x Labor Force Statistics Labor force participation rate : % of the adult population that is in the labor force Unemployment rate (“u-rate”): % of the labor force that is unemployed u-rate # of unemployed labor force = 100 x 0
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Think! Think!     Calculate labor force statistics Calculate labor force statistics Compute the labor force, u-rate, adult population, and labor force participation rate using this data: 6 Adult population of the U.S. by group, January 2006 # of employed 143.1 million # of unemployed 7.0 million not in labor force 77.4 million 0
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Think! Think!     Answers Answers Labor force = employed + unemployed = 143.1 + 7.0 = 150.1 million U-rate = 100 x (unemployed)/(labor force) = 100 x 7.0/150.1 = 4.7% 7 0
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Think! Think!     Answers Answers Population = labor force + not in labor force = 150.1 + 77.4 = 227.5 LF partic. rate = 100 x (labor force)/(population) = 100 x 150.1/227.5 = 66.0% 8 0
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CHAPTER 28 UNEMPLOYMENT 9 Labor Market Statistics for Different Groups The BLS publishes these statistics for demographic groups within the population. These data reveal widely different labor market experiences for different groups. 0
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CHAPTER 28 UNEMPLOYMENT 10 Labor Market Statistics for Whites & Blacks,  January 2006 Adults (20 yrs & older) u-rate LF part. rate White, male 3.6% 76.4% White, female 3.7 59.7 Black, male 7.5 69.8 Black, female 8.1 64.4 0
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CHAPTER 28 UNEMPLOYMENT 11 Labor Market Statistics for Whites & Blacks,  January 2006 Teens (16-19 yrs) u-rate LF part. rate White 13.3 47.1 Black 31.4 30.9 0
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CHAPTER 28 UNEMPLOYMENT 12 Labor Market Statistics for Other Groups,    January 2006 All ages u-rate LF part. rate Asian 3.2 65.7 Hispanic 5.8 69.3 0
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CHAPTER 28 UNEMPLOYMENT 13 Labor Market Statistics by Education Level,    January 2006 Adults (25 yrs & older) u-rate LF part. rate less than h.s. 7.0% 46.0% h.s. diploma 4.4 62.5 some college or assoc degree 3.5 72.5 bachelor’s degree or more 2.1 78.3 0
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LF Participation Rates by Sex, Since 1950 20 30 40 50 60 70 80 90 100 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 Men Women 0
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Think!
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