Question
Accessingthe following data series in FRED: Civilian Labor Force Participation Rate (CIVPART) Civilian Labor Force (CLF16OV) Civilian Employment (CE16OV) Civilian Unemployment Rate (UNRATE) These variables
Accessingthe following data series in FRED: Civilian Labor Force Participation Rate (CIVPART) Civilian Labor Force (CLF16OV) Civilian Employment (CE16OV) Civilian Unemployment Rate (UNRATE) These variables are related as follows: [1] Civilian Labor Force = Civilian Population*(Civilian Labor Force Participation Rate/100) [2] Civilian Unemployment Rate = 100*(Civilian Labor Force - Civilian Employment)/Civilian Labor Force 1. What are the January 2020 and March 2023 values of CIVPART, CLF16OV, CE16OV, and UNRATE? 2. Use formula [1] above and the actual January 2020 and March 2023 values of CLF16OV and CIVPART to determine the Civilian Population in January 2020 and in March 2023. Show your work 3. Suppose the Civilian Labor Force Participation Rate was the same in March 2023 as it was in January 2020. Find the implied value of the Civilian Labor Force. Show your work. 4. Using your answer to question #3 above, the actual value of Civilian Employment in March 2023, and formula [2], find the implied value of the unemployment rate in March 2023. That is, given total employment in March 2023, what would the unemployment have been in March 2023 if the labor force participation rate in March 2023 was the same as in January 2020 instead of the actual value observed in March 2023? Show your work.
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