Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Let's use some real data to compare labor markets during the Great Recession and the COVID-19 recession. The table below reports various labor market indicators

Let's use some real data to compare labor markets during the Great Recession and the COVID-19 recession. The table below reports various labor market indicators for the third month of each recession (all numbers are in 1,000s). Use the data in the table to answer the questions that follow. February 2008 April 2020 Labor force 153,653 156,481 Employment 146,156 133,403 Marginally attached workers 1,721 2,211 Work-eligible population 232,995 259,896 Use the data in the table to complete the table below (round your answer to one decimal): February 2008 April 2020 Unemployment Rate (a) 4.9 % (b) 14.7 % Labor Force Participation Rate (c) 65.9 % (d) 60.2 % Part 2 (2 points)See Hint One of the problems with the headline unemployment rate is that it does not include marginally attached workers. Therefore, the headline unemployment rate may underrepresent the weakness of labor markets. Using the data in the table, recalculate the unemployment rate assuming these individuals were included (round your answer to one decimal): (a) February 2008: 5.9 %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Political Economy

Authors: Thomas Oatley

6th Edition

1138490741, 9781138490741

More Books

Students also viewed these Economics questions

Question

Values: What is important to me?

Answered: 1 week ago