Macroeconomic Concepts and Calculations: Labor Statistics, Unemployment, and Money Supply

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Macroeconomic Concepts and Calculations: Labor Statistics, Unemployment, and MoneySupplyCH 28:Problem 1:The Bureau of Labor Statistics announced that in January 2013, of all adult Americans,(143,322,000wereemployed),(12,332,000were unemployed),and 89,008,000werenot in thelabor force. Use this information to calculate:1. The adult population143,322,000+12,332,000+89,008,000= 244,662,0002. Thelabor force

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143,322,000+12,332,000= 155,654,0003.Thelabor-force participation rate143,322,000+12,332,000= 155,654,000155,654,000×100=15,565,400,00015,565,400,000÷244,662,000=63.6%

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4. Theunemployment rate12,332,000×100=1,233,200,0001,233,200,000÷244,662,000=7.9%

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Problem 2:Are the following workers more likely to experience short-term or long-term unemployment?Explain.1.Aconstruction worker laid off because of bad weatherThe workers at theconstruction experienced short-term unemployment duetothe bad weather beingshort term.2.Amanufacturing worker who loses his job at a plant in an isolated areaThe worker who loses his job at the plant may experience long-term unemployment as he has worksin an area that is isolated.

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3. Astagecoach-industry worker laid off because of competition from railroadsThe worker would experience unemployment which is long-term since the stagecoach-workerworked in an industry that was dying, as for the railroads they will take up the business of thestagecoach-industry.4. Ashort-order cook who loses his job when a new restaurant opens across the streetThe cook may experience unemployment on short-term basis since there would be many places thatare in need of his services.5. Anexpert welder with little formal education who loses his job when the company installsautomatic welding machinery

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