The Current Population Survey (CPS), sponsored by the Census Bureau and the BLS, is an important source of labor market data. The CPS is a monthly survey of about 60,000 households in the US. The survey provides information about the size of the labor force and on labor market outcomes for households and individuals in the survey. You can learn more about the CPS at http://www.bls.gov/cps/home.htm.

We will consider two labor market outcomes--earnings and unemployment--and compare them across different education groups.

This question is answered(1)Assume a high school graduate works from age 18 to 65, 50 weeks a year. How much will the person have earned? Now make the same calculation for a college graduate, but assuming they work from age 22-65.Show or explain your calculations.

I need help with number 2

(2)The calculations in (1) may understate the difference in earnings between high school and college graduates if college graduates spend less time unemployed. Note that the reported median earnings were for year-round, full-time workers.

(a)What is the definition of a "Year-Round, Full-Time, Year-Round worker" used by the BLS? (how many hours worked? How many weeks?).Cite your source for this information.

(b)Find the Top Picks link for "Labor Force Statistics including the National Unemployment Rate". From there get the monthly unemployment rate from 1992 to the present for the same 3 groups as in (1). [1] Make a time-series graph showing the unemployment rate for all 3 groups. [2] What do you learn from this graph?

Also: Graphs should include the source of the data. (For an example, see the graph of median weekly earnings for men and women at the end of this assignment. Note the "Source" citation at the bottom.)

A time-series graph maps a variable of interest against time. The variable of interest is on the vertical access and time is measured on the horizontal axis. For example, the following is a time-series graph showing the monthly unemployment rate for those with a college degree or more education from 2005-2015.

[1] Actually, the unemployment data isn't given for the exact same 3 groups. For college educated use the group "25 Yrs. & Over, Bachelor's Degree and Higher."

[2] The "default" way the data is presented is in "Table format", but you will want "Column format" to, click on the link for "More formatting options". If this is done correctly, there will be 3 lines on your graph--one for each level of education--and not a different line for each month.

(Footnotes- [1] Actually, the unemployment data isn't given for the exact same 3 groups. For college educated use the group "25 Yrs. & Over, Bachelor's Degree and Higher."

[1] The "default" way the data is presented is in "Table format", but you will want "Column format" to, click on the link for "More formatting options". If this is done correctly, there will be 3 lines on your graph--one for each level of education--and not a different line for each month.)

If you could explain how you got the answer I would appreciate it. Thank you.