This is the discussion board from one of my classmates, could you please help me making a response for it?

According to my research, in September of 2020 the labor force participation rate decreased by 0.3 percentage point to 61.4 percent (U.S. Bureau of Labor Statistics, 2020). This was a 2.0 percentage points lower than in February and up from a low percentage of 60.2 in the month of April (U.S. Bureau of Labor Statistics, 2020). The U-3 also known as the headline unemployment rate for the United States is at a 7.2 percentage rate (U.S. Bureau of Labor Statistics, 2020). The U-6 unemployment rate for the United States is at a 12.3 percentage rate (U.S. Bureau of Labor Statistics, 2020).

The U-3 rate accounts for the unemployed people who are actually seeking employment (U.S. Bureau of Labor Statistics, 2020). The U-6 rate is the true rate of employment (U.S. Bureau of Labor Statistics, 2020). The U-6 rate does not include those counted in the U-3 rate (U.S. Bureau of Labor Statistics, 2020). The U-6 rate is usually larger than the U-3 because it includes people who are unemployed, underemployed and discourage workers as well (U.S. Bureau of Labor Statistics, 2020). The U-6 is more accurate (U.S. Bureau of Labor Statistics, 2020). The way you calculate the unemployment rate is the number of unemployment divided by the total number in the labor force (U.S. Bureau of Labor Statistics, 2020).

The factors that contribute to the current unemployment rate are those who are not employed (Mankiw, 2021). Specifically, the people that are unemployed but are available for work (Mankiw, 2021). These people typically have tried finding work within the last four weeks (Mankiw, 2021). There are people that have been laid off from work and are waiting to be called back to work (Mankiw, 2021). The factors that contribute to the current labor participation rate are the percentage of the total adult population that is in the labor force (Mankiw, 2021). A fraction of the population that are actually chosen to participate in the labor market (Mankiw, 2021).

WC 255

Resources:

Mankiw, N. G. (2021).Principles of Economics, 9th Edition.Cengage.

(2020, October 07). Retrieved from U.S. Bureau of Labor Statistics: https://www.bls.gov/