MEASURING UNEMPLOYMENT
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Transcript of MEASURING UNEMPLOYMENT
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MEASURING UNEMPLOYMENT
WHAT EXACTLY DO THE NUMBERS MEAN?
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WHO IS EMPLOYED? Worked at least one day
during the survey week. Currently sick or on leave
but will return to a job. Unpaid family worker
working at least 15 hours a week in a family enterprise.
Students working part-time after school
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WHAT DOES THE UNEMPLOYMENT NUMBER MEAN?
The unemployment rate measures the percentage of people, over the age of 15 who: do not have jobs and have
actively looked for work in the preceding 4 weeks
are currently available for work or waiting to be called back after a layoff.
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SURVEY ON UNEMPLOYMENT
BLS calls 60,000 households every month. They ask three questions of members 16
years of age and older: Are you working? If the answer is no, Did you work at all this month-even 1 day? You
are a member of the LF if “yes” on 1 or 2.Did you look for work during the last month? A
“yes” counts you as part of the LF. A “no” means you are not counted.
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WHO IS NOT COUNTED AS UNEMPLOYED?
Discouraged workers (individuals who have stopped looking)
Under 16 years old Homemakers Retirees Institutionalized Part-time who really want
full-time Undocumented
immigrants Military personnel
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OTHER WAYS TO MEASUREU-1: Persons unemployed 15 weeks or longer, as a percent of the civilian labor force (6/14: 2.9%)U-2: Job losers and persons who completed temporary jobs, as a percent of the civilian labor force (6/14: 3.1%)U-3: Total unemployed, as a percent of the civilian labor force (official unemployment rate, 6/14: 6.1%)U-4: Total unemployed plus discouraged workers, as a percent of the civilian labor force (6/14: 6.5%)U-5: Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force (6/14: 7.3%)
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OTHER WAYS TO MEASUREThe U-6 number takes into consideration the discouraged and part-timers (underemployed). That number is currently 12.1% (6/14)The Employment-Population Ratio measures the percentage of Americans who are holding a job.The Unemployment Rate surveys 60,000 households monthly.The Payroll numbers survey 150,000 businesses and government agencies. (Considered more accurate).
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OTHER WAYS TO MEASURELABOR PARTICIPATION RATE
EMPLOYMENT TO POPULATION
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ARE THESE CURRENT NUMBERS DEVASTATING?
The highest unemployment level in the last recession was 10.2% which is lower than the peak of the early 80s recession, 10.8%.At the depths of the Great Depression unemployment hit 25%The real problem has been the duration of unemploymentAs of 6/2014, 32.8% have been jobless for > 27 weeks.
Green = more than 15 weeks Blue = less than 15 weeks
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THE VALUE OF AN EDUCATION
The unemployment rate for workers over 25 w/o college is 10%For those w/o a high school diploma, 12.4%For those with a 4-year degree, 4.8%4-year college graduates made 47% more, on average, then people who didn’t finish college, in 2012.
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THE VALUE OF AN EDUCATION
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NO RECESSION FOR COLLEGE GRADS
Even in the depths of the recession, when the national rate of unemployment topped 10%, the economy added 200,000 jobs for workers with bachelor’s degrees.Since the recovery began, 2 million more have been createdNearly 6 million jobs requiring a high school diploma or less have been lost since the downturn began.For recent graduates trying to work with only a high school diploma,
nearly 24% are unemployed.