Let’s examine the labor force participation rates of teenagers. Using the FRED economic database (https://fred.stlouisfed.org/), search for “Labor force participation rate 16 to 19 years.” Graph the rate that is Not Seasonally Adjusted and click on 5Y to get the rate for the last 5 years.

a. Why is the rate so choppy?

b. In the peak month, approximately what percentage of teenagers are in the labor force? What about in trough months? Over the year, therefore, by approximately how much does the labor force participation rate of teenagers change?