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Consider the following measures of labor market conditions for December 2013 and December 2014: Measure December 2013 December 2014 Persons unemployed 15 wks or longer

Consider the following measures of labor market conditions for December 2013 and December 2014: Measure December 2013 December 2014 Persons unemployed 15 wks or longer (as % of workforce) 3.6 2.6 U6 Unemployment rate 13.1 11.2 U3 Unemployment rate 7.9 5.6 Discouraged workers (as a % of workforce) 2.3 2.5 a. Discuss the reported labor market statistics above. What potential changes may have driven the decrease in U3 over this period

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