Question

The Bureau of Labor Statistics published its February jobs report on March 9. Here is a link to their press release:

https://www.bls.gov/news.release/empsit.nr0.htm

Your job is the following. Read the press release and incorporate into a writing assignment containing the following elements:

Short run labor market

Is this job report a positive or negative one? How does this report fit into the trends of the last few months? What does it say about the state of the labor market and the economy as a whole? Support your opinion with evidence. Make sure to mention the number of jobs created and the unemployment rate. Include any other statistics that support your position, and explain how they do so.

Medium run labor market

You have drawn a conclusion about the state of the labor market and the overall economy. How does this trend of the last few months fit into the performance of the economy over approximately the last 10 years or so? Support your position using evidence, including any relevant statistics.

Long run labor market

The economy and the labor market fluctuate over time (this is the business cycle we have previously read about). But are there any long run trends over the past 20-30 years that have been consistent? What are these trends and what do they imply about the state of the economy in the future? Again, use statistics and evidence to support your view.

Other notes:

.

Using outside sources is recommended, but not required. If you consult any outside sources, please include a bibliography. Here is one source that may be helpful. It is historical unemployment data compiled by the BLS:

https://www.bls.gov/cps/cpsaat01.pdf

Answer 1

Total nonfarm payroll employment improved with the aid of 313,000 in February, and the unemployment
expense was unchanged at four.1 percentage, the U.S. Bureau of Labor facts reported in these days.
Employment rose in construction, retail alternate, respectable and industry offerings,
manufacturing, economic events, and mining.

Household Survey data

In February, the unemployment price was once 4.1 percentage for the fifth consecutive month,
and the quantity of unemployed people was pretty much unchanged at 6.7 million.
(See desk A-1.)

among the important worker businesses, the unemployment price for Blacks declined to six.9
percentage in February, at the same time the jobless charges for grownup men (3.7 percentage), grownup
ladies (three.Eight percent), teens (14.4 percent), Whites (3.7 percentage), Asians (2.9
percentage), and Hispanics (4.9 percent) showed little change. (See tables A-1, A-2,
and A-three.)

The quantity of long-term unemployed (these jobless for 27 weeks or extra) used to be well-nigh
unchanged at 1.4 million in February and accounted for 20.7 percent of the unemployed.
Over the yr, the number of lengthy-term unemployed was down by means of 369,000. (See desk A-12.)

The civilian labor drive rose by way of 806,000 in February. The labor drive participation
price expanded by using 0.3 percent point over the month to 63.0 percent however modified
little over the year. (See table A-1.)

In February, total employment, as measured with the aid of the loved ones survey, rose by way of 785,000.
The employment-populace ratio improved by means of 0.3 percentage point to 60.Four percentage
in February, following four months of little alternate. (See table A-1.)

The number of people employed section time for monetary motives (repeatedly referred
to as involuntary phase-time staff) was little converted at 5.2 million in February.
These contributors, who would have desired full-time employment, were working phase
time in view that their hours had been cut or because they had been unable to seek out full-time
jobs. (See desk A-8.)

In February, 1.6 million humans were marginally attached to the labor force, little
exclusive from a yr previous. (the info will not be seasonally adjusted.) These participants
weren't within the labor force, wanted and were to be had for work, and had looked for
a job someday in the prior three hundred and sixty five days. They weren't counted as unemployed when you consider that
that they had no longer looked for work in the four weeks previous the survey. (See desk A-sixteen.)

among the many marginally connected, there have been 373,000 discouraged staff in February,
down through 149,000 from a 12 months prior. (the info are not seasonally adjusted.) Discouraged
staff are folks no longer currently looking for work given that they believe no jobs are
available for them. The remainder 1.2 million men and women marginally connected to the labor
force in February had not looked for work for motives similar to university attendance or
family tasks. (See table A-16.)

institution Survey information

whole nonfarm payroll employment rose via 313,000 in February. Job features took place in
construction, retail trade, respectable and industry offerings, manufacturing,
economic pursuits, and mining. (See desk B-1.)

In February, building employment expanded by using 61,000, with good points in forte
trade contractors (+38,000) and building of structures (+16,000). Development
has brought 185,000 jobs over the last 4 months.

Retail exchange employment increased by means of 50,000 over the month. Inside the industry,
employment rose regularly merchandise retailers (+18,000) and in clothing and clothing
add-ons retailers (+15,000). However, during the last four months, which normally
see the majority of the excursion hiring and layoff, employment in these industries has
converted little on net. Elsewhere in retail trade, constructing material and backyard give
shops brought jobs over the month (+10,000).

Employment in legitimate and business offerings extended by 50,000 in February and
has risen through 495,000 over the 12 months. Employment in temporary support services edged up
over the month (+27,000).

Manufacturing introduced 31,000 jobs in February. Inside the enterprise, employment
monetary routine introduced 28,000 jobs over the month, with positive aspects in credit score
intermediation and related activities (+8,000); coverage carriers and associated
movements (+eight,000); and securities, commodity contracts, and investments (+5,000).
Over the yr, financial movements has introduced 143,000 jobs.

Employment in mining rose via 9,000 in February, with lots of the increase in aid
movements for mining (+7,000). Considering that a recent low in October 2016, mining has brought
sixty nine,000 jobs.

Employment in wellbeing care persisted to trend up in February (+19,000), with a gain
of 9,000 in hospitals. Wellness care has delivered 290,000 jobs over the past year.

Employment in other fundamental industries, including wholesale alternate, transportation and
warehousing, expertise, leisure and hospitality, and executive, showed little
trade over the month.

The typical workweek for all workers on exclusive nonfarm payrolls rose through 0.1 hour
to 34.5 hours in February. In manufacturing, the workweek multiplied through zero.2 hour to
41.0 hours, at the same time time beyond regulation edged up through 0.1 hour to three.6 hours. The typical workweek
for construction and nonsupervisory employees on personal nonfarm payrolls expanded
by using 0.2 hour to 33.Eight hours. (See tables B-2 and B-7.)

In February, natural hourly profits for all employees on exclusive nonfarm payrolls
rose by four cents to $26.Seventy five, following a 7-cent gain in January. Over the 12 months,
natural hourly earnings have increased with the aid of 68 cents, or 2.6 percent. Average hourly
earnings of private-sector construction and nonsupervisory employees increased by means of 6
cents to $22.Forty in February. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for December was once revised up from
+one hundred sixty,000 to +175,000, and the change for January used to be revised up from +200,000 to
+239,000. With these revisions, employment positive aspects in December and January combined
have been fifty four,000 greater than previously suggested. (month-to-month revisions outcome from further
experiences obtained from organizations and govt corporations for the reason that the last released
estimates and from the recalculation of seasonal factors.) After revisions, job
gains have averaged 242,000 over the last three months.