The Unemployment Rate Go to the Bureau of Labor Statistics website (www.bls.gov). Click on "Unemploy- ment Rate." This will retrieve the latest Bureau of Labor Statistics news release regarding the labor force in the United States. Use this news release to answer the following questions: What is the unemploy- ment rate for the last two months? How many people were unemployed in each of the last two months? Did the unemployment rate change between the two months because of a change in the size of the labor force or a change in the number of unemployed people? Explain your answers.

The Unemployment Rate Go to the Bureau of Labor Statistics website (www.bls.gov). Click on "Unemploy- ment Rate." This will retrieve the latest Bureau of Labor Statistics news release regarding the labor force in the United States. Use this news release to answer the following questions: What is the unemploy- ment rate for the last two months? How many people were unemployed in each of the last two months? Did the unemployment rate change between the two months because of a change in the size of the labor force or a change in the number of unemployed people? Explain your answers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The Unemployment Rate
Go to the Bureau of Labor Statistics website (www.bls.gov). Click on "Unemploy-
ment Rate." This will retrieve the latest Bureau of Labor Statistics news release
regarding the labor force in the United States.
Use this news release to answer the following questions: What is the unemploy-
ment rate for the last two months? How many people were unemployed in each of
the last two months? Did the unemployment rate change between the two months
because of a change in the size of the labor force or a change in the number of
unemployed people? Explain your answers.

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Step 1: Define the Unemployment Rate

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Step 2: Access and Retrieve the Unemployment Data.

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Step 3: State the unemployment rate and number of unemployed individuals for the last two months.

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Step 4: State and Explain the reason for the change.

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In October 2020 on Sandy Island, 20,000 were employed, , 1,000 were unemployed, and 3,000 were not in the labor force. Calculate the unemployment rate and the employment-population ratio. >>>Answer to 1 decimal place. The unemployment rate is ___ percent.
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