Employment numbers sending mixed signals about economy--CNBCFebruary 26, 2021 The Department of Labor reported that In January 2021 the unemployment rate fell to 6.3%, with the number of unemployed persons decreasing to 10.1 million. January also saw a slight increase in job openings and employment from the previous month, with gains in professional and business services and in both public and private education offsetting losses in leisure and hospitality, retail trade, health care, and transportation and warehousing. But experts warn that employment numbers dont tell the whole story. Rebecca Dixon, executive director of the National Employment Law Project, said: The formula used by the Labor Department to count the unemployed has a history masking the real level of unemployment. Fed Chair Jerome Powell agrees, recently commenting that the current unemployment rate would be closer to 10% if it accounted for all persons unemployed.

5A. Write verbatim a 5-15 phrase from the article that speaks to changes in employment between December 2020 and January 2021.

5B. As of January 2021, how many persons are classified as employed by the Department of Labor.

5C. What category of the labor force are Rebecca Dixon and Jerome Powell referring to in their comments about the unemployment rate?

5D. Construct a labor market for the U.S. economy based upon the official unemployment rate formula and assuming the count of persons classified as employed by

the Department of Labor is accurate. In constructing your market, ensure there is a title to the market, both axes are labeled, all curves are labeled, and all equilibria are

labeled. Adjust the labor market consistent with comments from Rebecca Dixon and Jerome Powell.