Question
Suppose on March 4, 2022 the U.S. Bureau of Labor Statistics announces the following numbers for February's Employment Situation (in thousands): Civilian Noninstitutional (Working Age)
Suppose on March 4, 2022 the U.S. Bureau of Labor Statistics announces the following numbers for February's Employment Situation (in thousands):
Civilian Noninstitutional (Working Age) Population: 263,300 in February, up from 263,202 in January
Number employed = 157,850 in February, up from 157,174 in January
Number unemployed = 6,950 in February, up from 6,513 in January
Based on these numbers, did the February unemployment rate rise or fall compared to its January level (calculate the February unemployment rate & compare with the January rate)? What does this change suggest about the health of the U.S. labor market (briefly discuss)
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