In order to see whether employment conditions are improving or deteriorating, month-over-month changes in unemployment reported by the Bureau of Labor Statistics are examined as the differences between seasonally adjusted values examined as differences from the long term trend examined as the raw difference between the current month and the previous month checked against the predictions made in the news media
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Each month, usually on the first Friday of the month, the Bureau of Labor Statistics releases the Employment Situation Summary for the previous month. Part of the information released concerns how long individuals have been unemployed. Go to www.bls.gov to find the latest report. On the Bureau of Labor Statistics home page, click on the unemployment rate in the middle of the page, choose the Employment Situation Summary, and then click on the table titled "Unemployed persons by duration of unemployment." Use the seasonally adjusted numbers to answer the following questions. a. How many workers were unemployed less than 5 weeks? What percentage of all unemployed workers do these workers represent? How do these numbers compare to the previous month's data? b. How many workers were unemployed 27 or more weeks? What percentage of all unemployed workers do these workers represent? How do these numbers compare to the previous month's data? c. How long has the average worker been unemployed (average duration, in weeks)? How does this compare to the average for the previous month's data? d. Comparing the latest month for which there is data with the previous month, has the problem of long-term unemployment improved or deteriorated?
Jennifer S.
“Unemployment data is collected in a household survey and a 3-month moving average is applied to remove any non-repeating volatility. The seasonal component is then removed from the time-series on an annual basis.” Find how unemployment is calculated in your country and critically asses the limitation of the model. Evaluate how the method used makes unemployment more or less representative of the real situation on the job market
Crystal W.
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?
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