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

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Macroeconomic Concepts and Calculations: Labor Statistics, Unemployment, and Money Supply CH 28: Problem 1: The Bureau of Labor Statistics announced that in January 2013, of all adult Americans, (143,322,000 were employed), (12,332,000 were unemployed), and 89,008,000 were not in the labor force. Use this information to calculate: 1. T he adult population 143,322,000+12,332,000+89,008,000= 244,662,000 2. T he labor force
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143,322,000+12,332,000= 155,654,000 3. The labor - force participation rate 143,322,000+12,332,000= 155,654,000 155,654,000×100=15,565,400,000 15,565,400,000÷244,662,000 = 63.6%
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4. T he unemployment rate 12,332,000×100=1,233,200,000 1,233,200,000÷ 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. A construction worker laid off because of bad weather The workers at the construction experienced short - term unemployment due to the bad weather being short term. 2. A manufacturing worker who loses his job at a plant in an isolated area The worker who loses his job at the plant may experience long - term unemployment as he has works in an area that is isolated.
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3. A stagecoach - industry worker laid off because of competition from railroads The worker would experience unemployment which is long - term since the stagecoach - worker worked in an industry that was dying, as for the railroads they will take up the business of the stagecoach - industry. 4. A short - order cook who loses his job when a new restaurant opens across the street The cook may experience unemployment on short - term basis since there would be many places that are in need of his services. 5. A n expert welder with little formal education who loses his job when the company installs automatic welding machinery

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