4. Key Employment Indicators from the Household SurveyThe Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators.The following table presents information from the household surveys conducted for December 2017 and, for purposes of comparison, December 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for December 2017 indicates that about 6.6 million people were unemployed at that time.Use the information lists that follow the table to help you fill in the missing values in the table.| December | 2016 | 2017 ||-------------------|----------|----------|| Civilian noninstitutional population | 254,742 | 256,109 || Civilian labor force | 159,735 | 161,523 || Participation rate | 62.7% | _____% || Employed | 152,233 | 154,021 || Employment–population ratio | 59.8% | _____% || Unemployed | 7,502 | 6,576 || Official unemployment rate | 4.7% | _____% || Unemployed 15 weeks or more | 3,060 | 2,397 || U-1 labor underutilization | 1.9% | _____% || Discouraged workers | 5,674 | 5,308 || U-4 labor underutilization | 8.0% | _____% | Based on the numbers in the previous table, indicate whether each of the following statements accurately describes the differences in the employment situation between December 2016 and December 2017.| Statement | True | False ||---------------------------------------------------------------------------------------------|------|-------|| The typical unemployed worker in December 2017 was less likely to have been unemployed for 15 weeks or more than the typical unemployed worker in December 2016. | | || A larger number of jobless people who wanted a job and were available to work had given up on their job search in December 2017 compared to December 2016. | | || A larger fraction of the civilian noninstitutional population was in the labor force in December 2017 than in December 2016. | | || The U-1 and U-4 measures of labor underutilization were lower in December 2017 than they were in December 2016. | | || In December 2017, a smaller fraction of the civilian noninstitutional population was employed than in December 2016. | | |The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy.If the Bureau of Labor Statistics were to include discouraged workers in the official unemployment rate, the reported unemployment rate would __________.

The participation rate, in the context of labor economics and employment statistics, is a measure…

The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for December 2017 and, for purposes of comparison, December 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for December 2017 indicates that about 6.6 million people were unemployed at that time. Use the information lists that follow the table to help you fill in the missing values in the table.

The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for December 2017 and, for purposes of comparison, December 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for December 2017 indicates that about 6.6 million people were unemployed at that time. Use the information lists that follow the table to help you fill in the missing values in the table.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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