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Chapter 23: Problem 1

Each month, usually on the first Friday of the month, the Bureau of Labor Statistics releases the Employment Situation Summary for the previous month. Go to www.bls.gov and find the latest report, On the Bureau of Labor Statistics home page, at the top of the page, select the "Subjects" tab, find "Unemployment," and select "National Unemployment Rate." You will find the Employment Situation Summary under "CPS News Releases" on the left-hand side of the page. How does the current unemployment rate compare to the rate one month earlier? How does the current unemployment rate compare to the rate one year earlier?

Short Answer

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Answer: The steps are: 1) Access the Bureau of Labor Statistics website at www.bls.gov. 2) Locate the "Subjects" tab and find "Unemployment". 3) Select "National Unemployment Rate". 4) Find the latest Employment Situation Summary under "CPS News Releases". 5) Find the current unemployment rate, and compare it to the rate one month earlier and one year earlier.

Step by step solution

01

Access the Bureau of Labor Statistics website

Go to the Bureau of Labor Statistics website at www.bls.gov.
02

Locate the "Subjects" tab and find "Unemployment"

On the homepage, find the "Subjects" tab at the top of the page. Under this tab, locate "Unemployment." Click on it to access the unemployment statistics.
03

Select "National Unemployment Rate"

Under "Unemployment," click on "National Unemployment Rate." This will take you to the page containing the Employment Situation Summary report.
04

Find the latest Employment Situation Summary under "CPS News Releases"

On the left-hand side of the page, find "CPS News Releases." Click on it to find the latest Employment Situation Summary report. Open the report.
05

Find the current unemployment rate, and compare it to the rate one month earlier and one year earlier.

In the Employment Situation Summary report, locate the current unemployment rate. Compare this rate to the unemployment rate from one month earlier and one year earlier. Take note of the differences in the rates. (Note: Since the actual unemployment rate values change every month, it is not possible to provide specific numerical values in this solution.)

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Most popular questions from this chapter

In each of the following situations, what type of unemployment is Melanie facing? a. After completing a complex programming project, Melanie is laid off. Her prospects for a new job requiring similar skills are good, and she has signed up with a programmer placement service. She has passed up offers for low- paying jobs. b. When Melanie and her co-workers refused to accept pay cuts, her employer outsourced their programming tasks to workers in another country. This phenomenon is occurring throughout the programming industry. c. Due to the current slump, Melanie has been laid off from her programming job. Her employer promises to rehire her when business picks up.

How will the following changes affect the natural rate of unemployment? a. The government reduces the time during which an unemployed worker can receive unemployment benefits. b. More teenagers focus on their studies and do not look for jobs until after college. c. Greater access to the internet leads both potential employers and potential employees to use the internet to list and find jobs. d. Union membership declines.

In general, how do changes in the unemployment rate vary with changes in real GDP? After several quarters of a severe recession, explain why we might observe a decrease in the official unemployment rate. Explain why we could see an increase in the official unemployment rate after several quarters of a strong expansion.

In which of the following cases is it more likely for efficiency wages to exist? Why? a. Jane and her boss work as a team selling ice cream. b. Jane sells ice cream without any direct supervision by her boss. C. Jane speaks Korean and sells ice cream in a neighborhood in which Korean is the primary language. It is difficult to find another worker who speaks Korean.
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