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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

What are the three categories into which the Bureau of Labor Statistics divides everyone? How does the BLS compute the labor force, the unemployment rate, and the labor-force participation rate?

To determine

Computation of labor force, unemployment rate, and labor force participation rate.

Explanation

Measuring unemployment is done by BLS (Bureau of Labor Statistics), which is a part of the Department of Labor. The BLS categorizes all the adults in three groups. They are employed, unemployed, and labor force.

Labor force: Labor force consists of all employed and unemployed workers.

Unemployment rate: Unemployment rate refers to the percentage of unemployed people to the labor force. Unemployment is a situation that occurs in an economy when the able and willing person cannot find any work or job. However, these people are keenly seeking for jobs...

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