MonitoringJobsPrices

MonitoringJobsPrices - Ch 6: Monitoring Jobs and the Price...

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Unformatted text preview: Ch 6: Monitoring Jobs and the Price Level I. Jobs and Wages A. Population Survey B. Working age 16 and over not in jail, nut houses, or nursing homes Joint survey between Census and BLS, 50,000 households a month Working age population: Ages 16 and over who are not in jail, hospital, or other institutional care Working Age Population / \ / \ Labor force Not in labor force | | \ Employed Unemployed Employed either full time or part time Unemployed no job, but has made specific efforts to find work in last 4 weeks or waiting to be called back to old job B. Three Labor Market Indicators 1. Unemployment Rate 2. Labor force participation rate 3. Employment-population ratio Unemployment rate = # unemployed/labor force x 100 Labor force = # employed + #unemployed Rate = labor force/ working-age population x 100 = number of people employed/working-age population x 100 U.S. December 2007 Total population 303.4 million Civilian noninstitutional pop ages 16+ 233.2 million Civilian employment 146.2 million Civilian unemployment 7.7 million unemployment rate = 100 x 7.7/(146.2 + 7.7) = 5% labor force participation rate = 100 x(146.2 + 7.7)/233.2 =66% Employment-population ratio = 63% Measurement issues 1. True unemployment might be higher than measured because: 2. True unemployment may be less than measured because: of discouraged workers or involuntary part-time workers. (Explain) Some who say they are unemployed may not really be looking for a job. This is why some prefer employment-population ratios But hours per worker may have changed. Hours per worker fell from 42 hours per week in 1950 to 40 now. The next graph shows hours per person.person....
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This note was uploaded on 04/07/2008 for the course GENERAL ED MMW 1,2; E taught by Professor Vandehey during the Spring '08 term at UCSD.

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MonitoringJobsPrices - Ch 6: Monitoring Jobs and the Price...

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