Measures of Unemployment

In order to receive full credit post(1)an answerto at least one of the four main groups of questions below, and(2)a substantive responseto a comment on this discussion board posted by another student.A substantive response is more than just saying you agree or disagree.Explain why.The goal is to motivate careful consideration and discussion of the measurement of unemployment.

(1) Does education pay?Do people with higher educational attainment typically earn higher incomes?Are they less likely to be unemployed?For more information on the relationship between educational attainment, median income,and unemployment rates, you may use this BLS webpage:https://www.bls.gov/careeroutlook/2016/data-on-display/education-matters.htm(Links to an external site.)

or find other sources. Make sure to cite any sources used.

(2)What about a person who has given-up looking for a job?Is that person "unemployed"?The BLS definition says no.(That person is instead classified as "not in the labor force.")What do you think?Should such people be counted as unemployed?Explain.

(3)Does unemployment compensation increase unemployment?Between 2008 and 2010 federal laws extended eligibility for unemployment compensation for up to 99 weeks in states with persistently high unemployment rates. Some argue that longer eligibility for unemployment compensation may, in fact, discourage people from seriously seeking employment.Do you agree or disagree?Explain why.

(4)Which of these alternative measurements of unemployment do you think is the most meaningful measurement of unemployment in the economy?Explain why.

U-1 Persons unemployed 15 weeks or longer as a percent of the civilian labor force U-2 Job losers as a percent of the civilian labor force U-3 Unemployed persons 25 years and over as a percent of the civilian labor force U-4 Unemployed full-time job seekers as a percent of the full-time civilian labor force U-5 Total unemployed as a percent of the civilian labor force (the official unemployment rate) U-6 Total full-time job seekers plus 1/2 part-time job seekers plus 1/2 total on part-time for economic reasons as a percent of the civilian labor force less 1/2 of the part-time labor force U-7 Total full-time job seekers plus 1/2 part-time job seekers plus 1/2 total on part-time for economic reasons plus discouraged workers as a percent of the civilian labor force plus discouraged workers less 12 of the part-time labor force