US Bureau of Labor Statistics: Job Openings and Labor Turnover Survey How do the results of the JOLTS report explain the increased inflation we are seeing today? With reduced employment and increased openings, how would that lead to inflation? What are the effects of individuals who decided not to reenter the workforce after the pandemic on the JOLTS report and unemployment?
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When there are more job openings than there are unemployed individuals, employers may need to offer higher wages to attract and retain workers. This increase in wages can lead to higher production costs for businesses, which may then be passed on to consumers in Show more…
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What is the unemployment rate (Define and provide data)? How is unemployment measured (who is and who isn't counted)? What is the current structure of the labor market? (Where are the jobs? What industries are the jobs in? What area of the country?) How does the current structure of the labor market affect the threat of cost push inflation or deflation?
Jennifer S.
The Labor Department reported that hiring accelerated in November, and the unemployment rate fell to 8.6 percent from 9 percent in October. Two reasons for the fall are that more Americans got jobs, but even more people gave up on their job searches altogether. Source: CNNMoney, December 2,2011 a. If the only change was that all the newly hired people had been unemployed in October, explain how the labor force and unemployment would have changed. b. If the only change was that people gave up on their job searches, explain how the labor force and unemployment would have changed.
The U.S. Department of Labor reports statistics on employment and earnings that are used as key indicators by many economists to gauge the health of the economy, Figure $6-4$ in the text plots historical data on the unemployment rate each month. Noticeably, the numbers were high during the recessions in the $\operatorname{carly} 1990 \mathrm{s},$ in $2001,$ and in the aftermath of the Great Recession, $2008-2014$ a. Locate the latest data on the national unemployment rate, (Hint: Go to the website of the Bureau of Labor Statistics, www.bls.gov, and locate the latest release of the Employment Situation.) b. Compare the current numbers with those during the early $1990 s, 2001,$ and during $2008-2014,$ as well as with the periods of relatively high economic growth just before the recessions. Are the current numbers indicative of a recessionary trend?
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