Question
This is related to economic data. Please download data from FRED through: https://fred.stlouisfed.org/series/LES1252881600Q#0 And the unemployment rate. from 2010-2023. https://fred.stlouisfed.org/series/UNRATE Make sure both data series
This is related to economic data.
Please download data from FRED through:
https://fred.stlouisfed.org/series/LES1252881600Q#0
And the unemployment rate. from 2010-2023.
https://fred.stlouisfed.org/series/UNRATE
Make sure both data series are quarterly. Plot this data in excel with real earnings/wages on the y-axis and the unemployment rate on the x-axis. This is the market-level wage setting curve. Make one graph that includes data for all years, and a second graph that omits the pandemic years (2020-2023).
What relationship do you expect to see between earnings and unemployment? Explain.
The pandemic period seems to violate this trend? Why might we see relatively high wages during the pandemic?
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