Part 1: The Unemployment Rate (weight 30% of the assignment grade) Complete the following exercise Visit the Bureau of Labor Statistics Web Site, www.bls.gov/news.release/empsit.toc.htm (http://www.bls.gov/news.release/empsit.toc.htm). Select Employment Situation Summary. Please note that using the data from previously published releases and summaries will produce grade zero for this part of the project. Make a report to answer the questions: 1. What month (and year) is summarized? What was the unemployment rate for that month? How does that rate compare with the rate in the previous month? 2. What were the unemployment rates for adult women, teenagers, blacks, Hispanics, and whites? How did these rates compare with those a month earlier? 3. What factors make it difficult to determine the unemployment rate? 4. Why is unemployment an economic problem? 5. What are the noneconomic effects of unemployment? 6. Who loses from unemployment? 7. Please analyze and discuss the significance of the data that you received for this Data exercise. 8. Reflect on what you have learned from this exercise. Part 2: The Inflation Rate (weight 30% of the assignment grade) Complete the following exercise: Visit the Bureau of Labor Statistics Web Site, www.bls.gov/news.release/cpi.toc.htm (http://www.bls.gov/news.release/cpi.toc.htm). You will be using "Consumer Price Index Summary" and the "Table 1 Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by expenditure category ". Please note that using the data from previously published releases and summaries will produce grade zero for this part of the project. Make a report in your own words to answer the questions: 1. What month (and year) is summarized? What was the level of the CPIU for that month? (See Table 1 "Consumer Price Index for All Urban Consumers"). What does this number represent? 2. What was the rate of inflation (percentage change in the CPIU) for the last available month? How does that rate of inflation compare with the rate in the previous month? 3. What was the rate of inflation (percentage change in the CPIU) for the last 12 months for "all items"? 4. Which two categories of goods or services had the greatest price increase for the last 12 months? Which two categories of goods or services had the lowest price increase for the last 12 months? 5. Which two categories of goods or services had the largest price decrease for the last 12 months? 6. Who loses from inflation? 7. Who benefits from inflation? 8. Please analyze and discuss the significance of the data that you received for this Data Exercise. 9. Reflect on what you have learned from this exercise. Part 3: Unemployment Data by Labor Force Groups and Duration (30% of the project grade) Go to https://www.govinfo.gov/app/collection/erp This is the home page of the Economic Report of the President. Click on the last available Report, scroll down, and download individual tables as Excel. Please note that using the data from previous Reports will produce grade zero for this part of the project. 1. Find unemployment data (Table B-27.Civilian unemployment rate) for each year 2000 to present. Use three labor force groups: men 20 years and over, women 20 years and over, both sexes 16 to 19 years of age. a. Present the result in your project as a table. b. Create one or more charts (line graph, bar graph, etc.). 2. Find unemployment data (Table B-27.Civilian unemployment rate) for each year 2000 to present by educational attainment (25 years and over). Use the following groups: less than an high school diploma; high school graduates, no college; some college or associate degree; bachelor's degree and higher. a. Present the result in your project as a table. b. Create one or more charts (line graph, bar graph, etc.). 3. Use the Economic Report of the President (Table B-28.Unemployment by duration and reason) to find data on the duration of unemployment for each year 2000 to present. a. Present the result in your project as a table. b. Create one or more charts (line graph, bar graph, etc.). Make a report in your own words about the results you received. In this paper consider, but do not be limited to the following: 1. Which years had the highest and lowest unemployment rates? How do the rates compare among these groups? 2. Compare the unemployment rates by educational attainment. How do the rates compare among these groups? What relationship, if any, do you find? 3. Compare the distribution of unemployment by duration over these years. Which years had the highest and lowest unemployment duration? What relationship, if any, do you find? 4. Demographic studies show that the proportion of teenagers and minorities in the U.S. population is likely to increase in the near future. In your opinion, what implications, if any, will this trend have on the unemployment rate? 5. Please analyze and discuss the significance of the data that you received for this Data exercise. 6. Reflect on what you have learned from this exercise.