Chapter 8 Employment, Unemployment, and Wages.

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Presentation transcript:

Chapter 8 Employment, Unemployment, and Wages

Figure 8.1 Who is in the Labor Force? (September 2017 data) Source: BLS News Release, “The Employment Situation—September 2017,” October 6, 2017; U.S. Census Bureau Current Population Clock.

Table 8.1 Unemployment Rates for Different Groups, September 2017

Figure 8.2 Male and Female Labor Force Participation Rates, Aged 24 to 54, 1948-2016 Sources: Abraham Mosisa and Steven Hipple, “Trends in Labor Force Participation in the United States,” BLS Monthly Labor Review, pp. 35–57, October 2006; BLS 2017 Employment and Earnings Online, Household Survey Data; various editions of the Statistical Abstract of the United States. Source: CEA, 2016b; Krueger, 2017.

Figure 8.3 The Monthly Unemployment Rate in the United States, 1969-2017 Source: U.S. Bureau of Labor Statistics online database. Notes: Recessionary periods shaded.

Figure 8.4 Average Duration of Unemployment and Unemployment Rate, 1969-2016 Source: U.S. Bureau of Labor Statistics online database.

Figure 8.5 Unemployment Rate by Race, 1975-2017 Source: U.S. Bureau of Labor Statistics online database.

Figure 8.6a The Classical Labor Market Model

Figure 8.6b Unemployment in the Classical Labor Market Model

Figure 8.7 Real Nonfarm Median Wages and Labor Productivity, 1947-2016 Source: U.S. Bureau of Labor Statistics, Labor Productivity and Costs online database.