FIGURE 2. 1 Labor Force Status of the U. S FIGURE 2.1 Labor Force Status of the U.S. Adult Civilian Population, June 2004

Labor Market Definitions Population: Group that can voluntarily work Broadest definition: Civilian noninstitutional population aged 16 and over Population = In Labor Force + Not in Labor Force

FIGURE 2. 1 Labor Force Status of the U. S FIGURE 2.1 Labor Force Status of the U.S. Adult Civilian Population, June 2004 LF P Labor Force Participation Rate= (LF/P)*100 = (147/223)*100 = 66%

Labor Market Definitions Labor Force: Employed + unemployed Employed: worked at least 1 hour for pay; or 15 hours for family enterprise without pay; or Temporarily not at work for various personal reasons Unemployed: Not employed but actively seeking work

FIGURE 2. 1 Labor Force Status of the U. S FIGURE 2.1 Labor Force Status of the U.S. Adult Civilian Population, June 2004 LF U Unemployment rate = (U/LF)*100 = (8.2/147.3)*100 = 5.6%

FIGURE 2. 1 Labor Force Status of the U. S FIGURE 2.1 Labor Force Status of the U.S. Adult Civilian Population, June 2004 E P Employment rate = (E/P)*100 = (139/223.2)*100 = 62.3%%

Wage adjustments Adjust slowly downward Adjust rapidly upward Real wages rose in the Great Depression White Collar workers in the 2001 Recession Adjust rapidly upward Alaska pipeline 1970s Coal boom Wall Street Journal, August 13, 2003

Alaskan Labor Market Carrington, William J. “The Alaskan Labor Market During the Pipeline Era.” Journal of Political Economy 104 (February 1996):186-218.

Alaskan Labor Market Carrington, William J. “The Alaskan Labor Market During the Pipeline Era.” Journal of Political Economy 104 (February 1996):186-218.

Alaskan Labor Market Carrington, William J. “The Alaskan Labor Market During the Pipeline Era.” Journal of Political Economy 104 (February 1996):186-218.

Alaskan Labor Market Carrington, William J. “The Alaskan Labor Market During the Pipeline Era.” Journal of Political Economy 104 (February 1996):186-218.

Black, Dan, Terra McKinnish and Seth Sanders Black, Dan, Terra McKinnish and Seth Sanders. “The Economic Impact of the Coal Boom and Bust.” Economic Journal 115 (April 2005): 449-476.

Black, Dan, Terra McKinnish and Seth Sanders Black, Dan, Terra McKinnish and Seth Sanders. “The Economic Impact of the Coal Boom and Bust.” Economic Journal 115 (April 2005): 449-476.

Black, Dan, Terra McKinnish and Seth Sanders Black, Dan, Terra McKinnish and Seth Sanders. “The Economic Impact of the Coal Boom and Bust.” Economic Journal 115 (April 2005): 449-476.