Your mayor just announced that the local unemployment rate dropped last month from the prior month. It went from 10.5% to 10.4%. Is this a significant drop? Explain.

According to the Bureau of Labor Statistics, the unemployment rate is measured every month to determine what percentage of the labor force is unemployed relative to the population reported by the census of that state (2020). The percentage drop of10.5% to 10.4% is significant based on the total workforce population that is measured.

A smaller population with a 0.01% decrease will not be perceived as a significant drop becuase it will not be representative of that many people actually obtaining a job. A larger population with a 0.01% decrease will be seen as a more significant drop only becuase that represents a larger amount of people obtaining a job. A smaller town would have to work twice as hard for a decrease to be seen as significant. With that being said, any decrease is better then no decrease at all it just wouldn't be "significant".

Bureau of Labor Statistics. (2020).How the Government Measures Unemployment. Retrieved from https://www.bls.gov/cps/cps_htgm.htm

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