HOUSEHOLD DATA Summary table A. Household data, seasonally adjusted [Numbers in thousands] Category Employment status Civilian noninstitutional population ........................................... Civilian labor force ........................................................... Participation rate .......................................................... Employed ................................................................... Employment-population ratio .......................................... Unemployed ............................................................... Unemployment rate .................................................... Not in labor force ............................................................ Unemployment rates Total, 16 years and over ...................................................... Adult men (20 years and over) ............................................ Adult women (20 years and over) ......................................... Teenagers (16 to 19 years) ................................................ White .......................................................................... Black or African American .................................................. Asian .......................................................................... Hispanic or Latino ethnicity ................................................. Total, 25 years and over ...................................................... Less than a high school diploma .......................................... High school graduates, no college ........................................ Some college or associate degree ........................................ Bachelor's degree and higher .............................................. Reason lor unemployment Job losers and persons who completed temporary jobs .................. Job leavers ...................................................................... Reentrants ....................................................................... New entrants .................................................................... Duration of unemployment Less than 5 weeks ............................................................. 5 to 14 weeks ................................................................... 15 to 26 weeks ................................................................. 27 weeks and over ............................................................. Employed persons at work part time Part time for economic reasons .............................................. Slack work or business conditions ........................................ Could only find part-time work ............................................. Part time for noneconomic reasons .......................................... Persons not in the labor force Marginally attached to the labor force ....................................... Discouraged workers ........................................................ May 2022 263,679 164,278 62.3 158,299 60.0 5,979 3.6 99,400 3.6 3.4 3.4 10.5 3.2 6.2 2.4 4.4 3.0 5.2 3.8 3.4 2.0 2,732 766 1,944 530 2,052 1,771 687 1,349 4,317 3,000 984 20,822 1,477 418 Mar. 2023 266,272 166,731 62.6 160,892 60.4 5,839 3.5 99,541 3.5 3.4 3.1 9.8 3.2 5.0 2.8 4.6 2.9 4.8 4.0 3.0 2.0 2,949 845 1,665 492 2,272 1,733 734 1,104 4,102 2,873 882 21,433 1,289 351 Apr. 2023 266,443 166,688 62.6 161,031 60.4 5,657 3.4 99,755 3.4 3.3 3.1 9.2 3.1 4.7 2.8 4.4 2.9 5.4 3.9 2.9 1.9 2,642 790 1,761 531 1,866 1,915 679 1,156 3,903 2,760 817 21,796 1,480 364 May 2023 266,618 166,818 62.6 160,721 60.3 6,097 3.7 99,800 3.7 3.5 3.3 10.3 3.3 5.6 2.9 4.0 3.0 5.7 3.9 3.2 2.1 2,960 765 1,821 508 2,083 1,865 858 1,188 3,739 2,582 824 21,864 1,508 422 Change from: Apr. 2023- May 2023 175 130 0.0 -310 -0.1 440 0.3 45 0.3 0.2 0.2 1.1 0.2 0.9 0.1 -0.4 0.1 0.3 0.0 0.3 0.2 217 1 79 32 -164 -178 68 28 58 situation. Compare the changes between one year ago using Summary Table A. Please address each of the following questions: A) What has happened to the labor force participation rate and the unemployment rate during the past year? (6 points) B) Which age group had the largest reduction in unemployment rates? Why might this have occurred? (6 points) C) Among workers 25 years of age or older, which level of educational attainment provided the best protection against COVlD-related unemployment? (6 points) D) What has happened to the average duration of unemployment over the past year? Why might this have occurred? (7 points) Question 2 (Mandatory) (10 points) E 4:) Listen b ' Restaurants are finding it difficult to ll open positions now. A labor economist would suggest that this is because: ("\\I The wage is at the equilibrium level, but quantity demanded exceeds quantity .\\__-/. suppHed. / {:3 the current wage offers are below the equilibrium in these labor markets. \\ The supply of labor has increased while the demand has decreased during the past 6 months. the current wage offers are above the equilibrium in these labor markets