Attempts Keep the Highest / 3 4. Key employment indicators from the household survey The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that about 6.6 million people were unemployed at that time. Use the information lists that follow the table to help you fill in the missing values in the table. November 2016 2017 Civilian noninstitutional population 254,540 255,949 Civilian labor force 159,457 161,327 Participation rate 62.6% Employed 152,048 153,918 59.7% Employment-population ratio Unemployed Official unemployment rate 7,409 6,610 4.6% Unemployed 15 weeks or more 2,929 2,514 1.8% U-1 labor underutilization Discouraged workers U-4 labor underutilization 5,837 5,238 8.0% The following list shows you how to compute the statistics most commonly used to indicate the health of an economy: The following list shows you how to compute the statistics most commonly used to indicate the health of an economy: The participation rate is the percentage of the working-age population in the labor force-either employed or searching for employment. In November 2016, the participation rate was 254,540 159,457 x 100 = 62.6%. The employment-population ratio is the percentage of the working-age population that is employed. In November 2016, the 152,048 employment-population ratio was 254,540 x 100 = 59.7%. The official unemployment rate is the percentage of the labor force that does not have a job but is actively searching for 7,409 employment. In November 2016, the official unemployment rate was 169,457 x 100 = 4.6%. To get a more accurate picture of underemployment in the economy, the BLS calculates several alternative measures of labor underutilization: The U-1 measure of labor underutilization measures the percentage of the labor force that has been unemployed for 15 weeks 2,929 or more at the time of the household survey. In November 2016, U-1 was 150,457 100 = 1.8%. Another measure, the U-4 measure of labor underutilization, treats discouraged workers as though they were unemployed and part of the labor force. To calculate U-4, the BLS divides the sum of unemployed and discouraged workers by the sum of the 7,409 +5,837 labor force and discouraged workers. In Nov 2016, U-4 was 159,45775,837 * 100 = 8.0%. Based on the numbers in the previous table, indicate whether each of the following statements accurately describes the differences in the employment situation between November 2016 and November 2017. Statement True False The typical unemployed worker in November 2017 was more likely to have been unemployed for 15 weeks or more than the typical unemployed worker in November 2016. o O In November 2017, a larger fraction of the civilian noninstitutional population was employed than in November 2016. oo oo The U-1 and U-4 measures of labor underutilization were lower in November 2017 than they were in November 2016. A smaller number of jobless people who wanted a job and were available to work had given up on their job search in November 2017 compared to November 2016. o A smaller fraction of the civilian noninstitutional population was in the labor force in November 2017 than in November 2016. O O The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy. the true extent of Excluding discouraged workers from the official unemployment rate may cause the official rate to underemployment