4. Key empleyment indicators from the household survey The Bureau of Labor Stats

Question

4. Key empleyment indicators from the household survey The Bureau of Labor Statstics (BLS) adjusts the numbers from the household survey to estmste the creplayment picture for the entire population Once the adjustment is made, the BLS uses the figures to generate key employment indicators The folilowing table presents information from the houschols s 2008. The period between Febuary 2008 and February 2009 mes characterized by an economic recession in the United States (the recession cfficielly begen in December of 2007). The numbers in the table are Isted in thousands. For example, the number of unemployed in the table for February 2009 indicates that sbout 12.5 milion pecple were unemploved st thet time e presents information rom the household surers conducted for February 2009 sd·for purposes orampanen, peruiy (Numbers in thousands) Febrnuary 00I February 52,503 154,215 Employed Employrment-populabon ratio Unemployed Officigl unemployment rate Unempleyed 15 weeks or more U-1 laber underuciization Discouraged workers U-4 labor underublization 44,550 62.1% 7,963 141,748 2.570 1.2 5,264 731 5.5%

Explanation / Answer

Participation rate = 154,215/234,913*100 = 65.64%

Employnment-Population ratio = 141,748/234,913*100 = 60.34%

Official Unemploynment rate = 12,467/154,215*100 = 8.08%

U-1 Labour underutilization = 5,264/154,215*100 = 3.413%

U-4 Labor underutilization = (12,467 + 731)/(154,215 + 731)*100 = 8.52%

2nd and 4th statements are correct.

Blank answer - Under-estimate

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