Week 5 Discussions Unemployment is an indication of the health of the economy. Unemployment means that there is a portion of the productive population (la

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

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