Chapter Eight: Employment and Unemployment. Paid Work and Unemployment in the United States.

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Presentation transcript:

Chapter Eight: Employment and Unemployment

Paid Work and Unemployment in the United States

Are you: Under age 16? In an institution? On active duty in the military? Did you: Work at all last week for pay or profit? Work 15 hours or more in a family business? Have you been actively searching for work? Are you available to start a job? NOT SURVEYED BY THE BUREAU OF LABOR STATISTICS 70.7 million EMPLOYED million UNEMPLOYED 12.0 million NOT IN THE LABOR FORCE 89.3 million “Yes” to any question “Yes”to either question “Yes”to both questions “No” to all questions in Box A “No” to both questions in Box B “No” to either question in Box C LABOR FORCE million A B C Figure 8.1: Who is in the Labor Force? Source: BLS News Release, “The Employment Situation—February 2013,” March 8, 2013; U.S. Census Bureau Current Population Clock.

Table 8.1: Unemployment Rates for Different Groups Source: BLS News Release, “The Employment Situation—February 2013,” March 8, a People are allowed to indicate more than one racial group. However, data from people who indicated more than one race are not included in these statistics.

Women Men Figure 8.2: Male and Female Labor Force Participation Rates, Aged 24 to 54, Sources: Mosisa, Abraham, and Steven Hipple, “Trends in Labor Force Participation in the United States,” BLS Monthly Labor Review, p. 35–57, October 2006; BLS 2013 Employment and Earnings Online, Household Survey Data, Table 3; various editions of the Statistical Abstract of the United States

Unemployment

Unemployment Rate Figure 8.3: The Monthly Unemployment Rate in the United States, Source: U.S. Bureau of Labor Statistics online database

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

Theories of Employment, Unemployment, and Wages

Demand Wage Quantity of Labor Supply WEWE LELE Figure 8.5a: The Classical Labor Market Model

Demand Wage Quantity of Labor Supply LSLS LDLD W* Labor Surplus (Unemployment) Figure 8.5b: Unemployment in the Classical Labor Market Model

Real Nonfarm Labor Productivity (1947=1) Real Nonfarm Hourly Wages (1947=1) Figure 8.6: Real Nonfarm Median Wages and Labor Productivity, Source: U.S. Bureau of Labor Statistics, Labor Productivity and Costs online database