Unemployment

Unemployment - Unemployment Lectures Supratim Das Gupta Key...

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Unemployment Lectures Supratim Das Gupta

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Key Questions to address: How is unemployment measured? What is the “natural rate of unemployment”? Why are there always some people unemployed? Unions and Collective Bargaining Efficiency wages
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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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
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 : % of the labor force that is unemployed Unemployment rate # of unemployed labor force = 100 x 0

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A C T I V E  L E A R N I N G   A C T I V E  L E A R N I N G   1 1         Calculate labor force statistics Calculate labor force statistics 6 Compute the labor force, unemployment rate, adult population, and labor force participation rate using this data: Adult population of the U.S. by group, June 2008 # of employed 145.9 million # of unemployed 8.5 million not in labor force 79.2 million
Labor force = employed + unemployed = 145.9 + 8.5 = 154.4 million Un. rate= 100 x (unemployed)/(labor force) = 100 x 8.5/154.4 = 5.5% A C T I V E  L E A R N I N G   A C T I V E  L E A R N I N G   1 1         Answers Answers 7

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Population = labor force + not in labor force = 154.4 + 79.2 = 233.6 LF partic. rate= 100 x (labor force)/(population) = 100 x 154.4/233.6 = 66.1% About two-thirds of the adult population is in the labor force and 5.5% of them were without work A C T I V E  L E A R N I N G   A C T I V E  L E A R N I N G   1 1         Answers Answers 8
UNEMPLOYMENT 9 Labor Market Statistics by Education Level, June 2008 Adults u-rate LF part. rate less than h.s. 8.7% 45.9% h.s. diploma 5.1 62.8 some college or assoc degree 4.2 71.9 bachelor’s degree or more 2.3 78.1 0

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UNEMPLOYMENT 10 20 30 40 50 60 70 80 90 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 LF Participation Rates by Sex, 1950-2007 Men Women 0
A C T I V E  L E A R N I N G   A C T I V E  L E A R N I N G   2

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Unemployment - Unemployment Lectures Supratim Das Gupta Key...

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