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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 %
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