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DATA EXERCISE #2 Consists of three parts 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.govews.release/empsit.toc.htm (http://www.bls.govews.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. Write a report (1 - 2 pages double spaced) in your own words 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.Employment Situation Summary Transmission of material in this news release is embargoed until USDL-24-0629 8:30 a.m. (ET) Friday, April 5, 2024 Technical information: Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps Establishment data: (282) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces Media contact: (202) 691-5962 * PressOffice@bls.gov THE EMPLOYMENT SITUATIOM -- MARCH 2024 Total nonfarm payroll employment rose by 383,800 in March, and the unemployment rate changed little at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and construction. This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Mote. Household Survey Data Both the unemployment rate, at 3.8 percent, and the number of unemployed people, at 6.4 million, changed little in March. The unemployment rate has been in a narrow range of 3.7 percent to 3.9 percent since August 2823. (See table A-1.) Among the major worker groups, the unemployment rate for Blacks (6.4 percent) increased in March, while the rates for Asians (2.5 percent) and Hispanics (4.5 percent) decreased. The jobless rates for adult men (3.3 percent), adult women (3.6 percent), teenagers (12.6 percent), and Whites (3.4 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.) The number of long-term unemployed (those jobless for 27 weeks or more), at 1.2 million, was little changed in March. The long-term unemployed accounted for 19.5 percent of all unemployed people. (See table A-12.) Both the labor force participation rate, at 62.7 percent, and the employment-population ratio, at 60.3 percent, were little changed in March. These measures showed little change over the year. (See table A-1.) The number of people employed part time for economic reasons, at 4.3 million, changed little in March. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) In March, the number of people not in the labor force who currently want a job, at 5.4 million, was little changed. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.) Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force, at 1.6 million, was little changed in March. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was little changed at 337,800 in March. (See Summary table A.) Establishment Survey Data Total nonfarm payroll employment rose by 363,800 in March, higher than the average monthly gain of 231,880 over the prior 12 months. In March, job gains occurred in health care, government, and construction. (See table B-1.) Health care added 72,888 jobs in March, above the average monthly gain of 68,000 over the prior 12 months. In March, job growth continued in ambulatory health care services (+28,000), hospitals (+27,@@0), and nursing and residential care facilities (+18,000). In March, employment in government increased by 71,000, higher than the average monthly gain of 54,800 over the prior 12 months. Over the month, employment increased in local gowvernment (+49,00@08) and federal government (+9,000). Construction added 39,000 jobs in March, about double the average monthly gain of 19,008 over the prior 12 months. Over the month, employment increased in nonresidential specialty trade contractors (+16,000). Employment in leisure and hospitality trended up in March (+49,000) and has returned to its pre-pandemic February 2020 level. Over the prior 12 months, job growth in the industry had averaged 37,008 per month. Employment in the other services industry continued its upward trend in March (+16,000). The industry had added an average of 8,000 jobs per month over the prior 12 months. Employment in other services remains below its February 2020 level by 40,000, or 8.7 percent. Employment in social assistance continued to trend up in March (+9,800), below the average monthly gain of 22,000 over the prior 12 months. In March, employment was little changed in retail trade (+18,000). A job gain in general merchandise retailers (+20,000) was partially offset by job losses in building material and garden equipment and supplies dealers (-10,08@) and in automotive parts, accessories, and tire retailers (-3,000). Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; transportation and warehousing; information; financial activities; and professional and business services. In March, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents, or 0.3 percent, to $34.69. Over the past 12 months, average hourly earnings have increased by 4.1 percent. In March, average hourly earnings of private-sector production and nonsupervisory employees edged up by 7 cents, or 8.2 percent, to $29.79. (See tables B-3 and B-8.) In March, the average workweek for all employees on private nonfarm payrolls edged up by .1 hour to 34.4 hours. In manufacturing, the average workweek was unchanged at 48.6 hours, and overtime edged down by .1 hour to 2.9 hours in March. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by .1 hour to 33.9 hours. (See tables B-2 and B-7.) The change in total nonfarm payroll employment for January was revised up by 27,0888, from +229,000 to +256,000, and the change for February was revised down by 5,000, from +275,800 to +270,000. With these revisions, employment in January and February combined is 22,8@0 higher than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.) The Employment Situation for April is scheduled to be released on Friday, May 3, 2024, at 8:20 a.m. (ET)