These statistics cover how strong the labor market is and they include the follo

Question

These statistics cover how strong the labor market is and they include the following:

The Unemployment Rate [monthly]

Level of Civilian Employment[monthly]

Average Weekly Hours, Hourly Earnings, and Weekly Earnings[monthly]Labor Productivity [quarterly]

In one Word document, for each indicator above briefly provide:

Name of the economic indicator

What the statistic means in general terms

Type of indictor (leading, lagging or coincidental) if known

Current value and recent trends

Source of the statistic including website address

Explanation / Answer

Note: As a country name is not mentioned in the question. General practice around the world to calculate this data is considered while answering.

The Unemployment Rate [monthly]: It is given by unemployment rate. This rate is calculated by using a formula: Number of unemployed in working age/ Labour force

(Labour force = All the people willing and able to work in a country.)

Level of Civilian Employment[monthly]: It is given by unemployment rate. This rate is calculated by using a formula: Number of employed in working age/ Labour force

Average Weekly Hours, Hourly Earnings, and Weekly Earnings[monthly]Labor Productivity [quarterly]:

All these are given in a government publication report published monthly, quarterly and annually.

Website: Example for India is: www.labour.gov.in

Employment data is a lagging indicator.

Because A lagging indicator is one that follows an event. It is able to confirm a pattern. One more example of this can be inflation index.

Recent Trends : Unemployment in India was 3.7 % in the year 2017-18.

Unemployment Rate in India increased to 3.52 percent in 2017 from 3.51 percent in 2016. Unemployment Rate in India averaged 4.05 percent from 1983 until 2017, reaching an all time high of 8.30 percent in 1983 and a record low of 3.41 percent in 2014.

Sources: https://tradingeconomics.com/india/unemployment-rate.

Any government website will also provide this data.

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