Question

In: Economics

The condition of the labor market is a central focus of policy makers and households. Let’s...

  1. The condition of the labor market is a central focus of policy makers and households. Let’s consider the overall condition of the American market. Go the website of the Bureau of Labor Statistics, and look at the current summary of the employment situation of the United States (http://www.bls.gov/news.release/pdf/empsit.pdf ).
    1. Tables A and B summarizes the major labor data for the economy. Look over the data and highlight in a paragraph or two what is important over the past three months about labor conditions from both the household and the establishment surveys.

Solutions

Expert Solution

Table A: Household data

Despite, the civilian labor force reduced by 1693 thousand and reduction of people not in labor force by 1763 thousand , the unemployment rate has increased 0.8% points between Jan 2020 and Mar 2020. The unemployment rate has increased across all ethnicity , primarily by 1.7% point among Asian, Hispanic or Latino ethnicity followed by 0.9% point in Black & African American.

The unemployment rate is increased by 1.3% point among less than a high school diploma holders. Job loss and closer of temporary jobs are cited the main reason for increased unemployment. People with up to 5 weeks of unemployment has increased by 1529 thousands.

Table B: Establishment data

The employment in all sectors has reduced except for marginal increase in givernment sector. The sectors that recorded highest unemployment are private non-farm sector and service providing sector. Job cut was highest in lesiure and hospitality services.

Women employability in non-farm, private, private-production & non-supervisionary jobs has almost remained stagnant.


Related Solutions

As we have been learning that a labor market is a market in which Households supply...
As we have been learning that a labor market is a market in which Households supply labor. People in the households allocate their time to work for pay or not to work (leisure time). The labor market supply curve slopes up because the number of people willing and able to work rises as the wage rate rises and because the number of hours that each person is willing and able to work rises as the wage rate rises, at least...
Explain one of the reasons why policy makers usually focus on demand-side policies to achieve their...
Explain one of the reasons why policy makers usually focus on demand-side policies to achieve their macroeconomics goals as opposed to the supply-side ones.
Suppose that households’ wealth substantially increases. a. Using the labor market diagram, show the effects of...
Suppose that households’ wealth substantially increases. a. Using the labor market diagram, show the effects of this change on demand for and supply of labor. Explain what happens to the equilibrium labor input and real wage rate. b. Using the capital market diagram (which shows the desired capital stock), show the effects of the change in wealth on MPK (demand for capital) and the user cost of capital (supply of capital).
Use the following information gathered by a BLS labor market survey of four households to work....
Use the following information gathered by a BLS labor market survey of four households to work. Household 1: Candy worked 20 hours last week setting up her Internet shopping business. The rest of the week, she completed application forms and attended two job interviews. Husband Jerry worked 40 hours at his job at GM. Daughter Meg, a student, worked 10 hours at her weekend job at Starbucks. Household 2: Joey, a full-time bank clerk, was on vacation. Wife, Serena, who...
Explain the central difference between the search model and the Walrasian market for labor
Explain the central difference between the search model and the Walrasian market for labor
How are M1 and M2 equations related to reserve market (interbank)? Let’s say, central bank applies...
How are M1 and M2 equations related to reserve market (interbank)? Let’s say, central bank applies “passive policy” thru “rule”. How does this situation affect this relationship?
How are M1 and M2 equations related to reserve market (interbank)? Let’s say, central bank applies...
How are M1 and M2 equations related to reserve market (interbank)? Let’s say, central bank applies “passive policy” thru “rule”. How does this situation affect this relationship?
Let’s focus on the cinematography of the movie The Birth of a Nation 1915. What are...
Let’s focus on the cinematography of the movie The Birth of a Nation 1915. What are your observations of the cast, scenes, and acting in general?
What is the policy mix? Explain . How can policy makers use their policy instruments to...
What is the policy mix? Explain . How can policy makers use their policy instruments to achieve their domestic policy goals? In your answer explain how macro-policy can be used to combat the problems of recession, overheating, and stagflation.
A BLS labor market survey of two households has gathered the following data: Household 1: Candy...
A BLS labor market survey of two households has gathered the following data: Household 1: Candy worked 20 hours last week setting up her internet shopping business. The rest of the week she completed application forms and attended two job interviews. Husband Jerry worked 40 hours at his work at GM. Daughter Meg, a student, worked 10 hours at her weekend job at Starbucks. Household 2: Ari had no work last week but was going to be recalled to his...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT