Unemployment is an indication of the health of the economy. Unemployment means that there is a portion of the productive population (labor force) that is not producing and unable to earn income for consumption and/or for investment. The more unemployed workers there are, the less output the economy will be able to produce. High unemployment also means that there are less wages available in the hands of people to consume, which reduces the incentive or need for suppliers to produce at full capacity (lower GDP). Moreover, unemployment means that there are more workers available for work in the labor market (high supply) than jobs (demand). Higher unemployment leads to a reduction in the price of labor (wages).
Please review the following video to develop a better understanding about the functioning of the economy and to learn how and why does unemployment occur.
· Macroeconomics
Q.1 Now let’s examine the unemployment in the United Sates. Follow the link below to review up-to-date national data.
1. Go to the Bureau of Labor Statistics website.
2. Click on and review the following links to learn about the relationship between age, race, gender, and unemployment.
· Employment Situation Summary
· Employment Situation Summary Table A. Household data, seasonally adjusted
· Table A-2. Employment status of the civilian population by race, sex, and age
· What interests or surprises you from the summary tables?
· Discuss the differences in unemployment rates by gender, age, educational attainment, and so forth, and provide possible explanation for the variations in unemployment over time and the variation in unemployment by age, gender, educational attainment, and race.
We could assume that people go to work in order to make a living, but oftentimes the characteristics of those who enter the labor market (those people who look for a job or hold a job) might change over time and vary by age, gender, educational attainment, ethnicity, race, etc.
It is interesting to see the changes in the composition (that share of different groups) of labor force participation over time, which could tell us an interesting story about the social and economic evolutions that are taking place within society.
One of the interesting pieces of data that I found on the Bureau of Labor Statistics website is the share of the labor force participation by age group as the graph below shows. Basically, it looks like the number of older workers (55 and older) is increasing over time, and the number of younger workers in the market (25 to 34) did decrease, until 2019.
Does this mean that in 50 or 100 years we will have an aging workforce? The trend leads me to think this way, at least this is what I can say now.
Q.2 Look at the Bureau of Labor Statistics website and make your own observation and explanation for some unusual statistics and share it with us. Be curious, be creative, and be critical.
U.S. Bureau of Labor Statistics. (2020). Labor Force by Share, Age Group, 2000, 2010, 2020, and Projected 2030. Employment Projects. Accessed January 29, 2022.
https://www.bls.gov/emp/graphics/2019/labor-force-share-by-age-group.htm
Unemployment is an indication of the health of the economy.
Unemployment
means that there is a portion of the productive
population (labor force) that is not producing and unable to earn income for consumption and/or for investment. The more
unemployed workers there are, the less output the economy will be able to produce. High
unemployment also means that there
are less wages available in the hands of people to consume, which reduces the incentive or need for suppliers to produce at f
ull
capacity (lower GDP). Moreover, unemployment means that there are more workers available fo
r work in the labor market (high
supply) than jobs (demand). Higher unemployment leads to a reduction in the price of labor (wages
).
Please review the following video to develop a better understanding about the functioning of the economy and to learn how a
nd
why does unemployment occur.
·
Macroeconomics
Q.1
Now let’s examine the unemployment in the United Sates. Follow t
he link below to review up
–
to
–
date national data.
1.
Go to the
Bureau of Labor Statistics
website.
2.
Click on and review the following links to learn about the relationship between age,
race, gender, and unemployment.
o
Employment Situation Summary
o
Employment Situation Summary Table A. Household data, seasonally adjusted
o
Table A
–
2. Employment status of the civilian population by race, sex, and age
§
What interests or surprises you from the summary tables?
§
Discuss the differences in unemployment rates by gender, age, educational attainment,
and so forth, and provide possible explanation for the variations in unemployment over
time and the variation in
unemployment by age, gender, educational attainment, and race.
We could assume that people go to work in order to make a living, but oftentimes the characteristics of those who
enter the labor market (
those people who look for a
job or hold a job)
might change over time and vary by age,
gender, educational attainment, ethnicity, race, etc.
It is interesting to see the changes in the composition (
that share of different groups
) of labor force participation
over time, which could t
ell us an interesting story about the social and economic evolutions that are taking place
within society.
One of the interesting pieces of data that I found on the Bureau of Labor Statistics website is the share of the labor
force participation by age gr
oup as the graph below shows. Basically, it looks like the number of older workers (55
and older) is increasing over time, and the number of younger workers in the market (25 to 34) did decrease, until
2019.
Does this mean that in 50 or 100 years we will h
ave an aging workforce? The trend leads me to think this way, at
least this is what I can say now.
Q.2
Look
at the Bureau of Labor Statistics website and make your own observation and explanation for some
unusual statistics and share it with us. Be curious, be creative, and be critical.
U.S. Bureau of Labor Statis
tics. (2020). Labor Force by Share, Age Group, 2000, 2010, 2020, and Projected 2030.
Employment Projects. Accessed January 29, 2022.
https://www.bls.gov/e
mp/graphics/2019/labor
–
force
–
share
–
by
–
age
–
group.htm
Unemployment is an indication of the health of the economy. Unemployment means that there is a portion of the productive
population (labor force) that is not producing and unable to earn income for consumption and/or for investment. The more
unemployed workers there are, the less output the economy will be able to produce. High unemployment also means that there
are less wages available in the hands of people to consume, which reduces the incentive or need for suppliers to produce at full
capacity (lower GDP). Moreover, unemployment means that there are more workers available for work in the labor market (high
supply) than jobs (demand). Higher unemployment leads to a reduction in the price of labor (wages).
Please review the following video to develop a better understanding about the functioning of the economy and to learn how and
why does unemployment occur.
Macroeconomics
Q.1 Now let’s examine the unemployment in the United Sates. Follow the link below to review up-to-date national data.
1. Go to the Bureau of Labor Statistics website.
2. Click on and review the following links to learn about the relationship between age, race, gender, and unemployment.
o Employment Situation Summary
o Employment Situation Summary Table A. Household data, seasonally adjusted
o Table A-2. Employment status of the civilian population by race, sex, and age
What interests or surprises you from the summary tables?
Discuss the differences in unemployment rates by gender, age, educational attainment,
and so forth, and provide possible explanation for the variations in unemployment over
time and the variation in unemployment by age, gender, educational attainment, and race.
We could assume that people go to work in order to make a living, but oftentimes the characteristics of those who
enter the labor market (those people who look for a job or hold a job) might change over time and vary by age,
gender, educational attainment, ethnicity, race, etc.
It is interesting to see the changes in the composition (that share of different groups) of labor force participation
over time, which could tell us an interesting story about the social and economic evolutions that are taking place
within society.
One of the interesting pieces of data that I found on the Bureau of Labor Statistics website is the share of the labor
force participation by age group as the graph below shows. Basically, it looks like the number of older workers (55
and older) is increasing over time, and the number of younger workers in the market (25 to 34) did decrease, until
2019.
Does this mean that in 50 or 100 years we will have an aging workforce? The trend leads me to think this way, at
least this is what I can say now.
Q.2 Look at the Bureau of Labor Statistics website and make your own observation and explanation for some
unusual statistics and share it with us. Be curious, be creative, and be critical.
U.S. Bureau of Labor Statistics. (2020). Labor Force by Share, Age Group, 2000, 2010, 2020, and Projected 2030.
Employment Projects. Accessed January 29, 2022.
https://www.bls.gov/emp/graphics/2019/labor-force-share-by-age-group.htm
