Chapter 28 -- Carlos Pitta

Chapter 28- - Chapter 28 Unemployment Instructor Carlos Pitta CHAPTER 28 UNEMPLOYMENT 1 0 In this chapter look for the answers to these questions

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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 January 2006 Adults 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 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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UNEMPLOYMENT 13 Labor Market Statistics by Education Level,    January 2006 Adults u-rate
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This note was uploaded on 01/10/2011 for the course AEB 2514 taught by Professor Evandrummond during the Spring '09 term at University of Florida.

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Chapter 28- - Chapter 28 Unemployment Instructor Carlos Pitta CHAPTER 28 UNEMPLOYMENT 1 0 In this chapter look for the answers to these questions

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