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Based on the Employment Situation Summary below, answer the following questions:

1. What month (and year) is summarized?
What was the unemployment rate for that month?
How does that rate compare with the rate in the previous month?

2. What were the unemployment rates for adult women, teenagers, blacks, hispanics, and whites?
How did these rates compare with those a month earlier?

3. What factors make it difficult to determine the unemployment rate?
4. Why is unemployment an economic problem?
5. What are the noneconomic effects of unemployment?
6. Who loses from unemployment?
7. Summarize and reflect on the data.




Economic News Release Employment Situation Summary Transmission of material in this news release is embargoed until 8:30 a.m. (EST) Friday, January 4, 2019 USDL-19-0002 Technical information: Household data: Establishment data: (202) 691-6555 cesinfoSbls.gov * www.bls.gov/ces (202) 691-6378psinfoebls.gov www.bls.gov/cps Media contact: (202) 691-5902 *PressOfficeêbls.gov THE EMPLOYMENT SITUATION - DECEMBER 2018 Total nonfarm payroll employment increased by 312,000 in December, and the unemployment rate rose to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, food services and drinking places, construction, manufacturing, and retail trade. Revision of Seasonally Adjusted Household Survey Data Seasonally adjusted household survey data have been revised using updated seasonal adjustment factors, a procedure done at the end of each calendar year. Seasonally adjusted estimates back to January 2014 were subject to revision. The unemployment rates for January 2018 through November 2018 (as originally published and as revised) appear in table A, along with additional information about the revisions.
Household Survey The unemployment rate rose by 0.2 percentage point to 3.9 percent in December, and the number of unemployed persons increased by 276,000 to 6.3 million. A year earlier, the jobless rate was 4.1 percent, and the number of unemployed persons was 6.6 million. (See table A-1.) Among the major worker groups, the unemployment rates for adult men (3.6 percent) and Blacks (6.6 percent) increased in December. The jobless rates for adult women (3.5 percent), teenagers (12.5 percent), Whites (3.4 percent), Asians (3.3 percent), and Hispanics (4.4 percent) showed little or no change over the month. (See tables A-1, A-2, and A-3.) Among the unemployed, the number of job leavers increased by 142,000 in December to 839,000. Job leavers are unemployed persons who quit or otherwise voluntarily left their previous job and immediately began looking for new employment. (See table A-11.) In December, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.3 million and accounted for 20.5 percent of the unemployed Over the year, the number of long-term unemployed was down by 205,000. (See table A-12.) The labor force participation rate, at 63.1 percent, changed little in December, and the employment-population ratio was 60.6 percent for the third consecutive month. Both measures were up by 0.4 percentage point over the year. (See table A-1.) The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 4.7 million, changed little in December but was down by 329,000 over the year. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) In December, 1.6 million persons were marginally attached to the labor force, little changed from a year earlier. (Data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.) Among the marginally attached, there were 375,000 discouraged workers in December, down by 99,000 from a year earlier. (Data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.2 million persons marginally attached to the labor force in December had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)
Establishment Survey Data Total nonfarm payroll employment increased by 312,000 in December. Job gains occurred in health care, food services and drinking places, construction, manufacturing, and retail trade. Payroll employment rose by 2.6 million in 2018, compared with a gain of 2.2 million in 2017. (See table B-1.) Employment in health care rose by 50,000 in December. Within the industry, job gains occurred in ambulatory health care services (+38,000) and hospitals (+7,000). Health care added 346,000 jobs in 2018, more than the gain of 284,000 jobs in 2017 In December, employment in food services and drinking places increased by 41,000. Over the year, the industry added 235,000 jobs, similar to the increase in 2017 (+261,000). Construction employment rose by 38,000 in December, with job gains in heavy and civil engineering construction (+16,000) and nonresidential specialty trade construction (+16,000). The construction industry added 280,000 jobs in 2018, compared with an increase of 250,000 in 2017 Manufacturing added 32,000 jobs in December. Most of the gain occurred in the durable goods component (+19,000), with job growth in fabricated metal products +7,000) and in computer and electronic products +4,000). Employment in the nondurable goods component also increased over the month (+13,000). Manufacturing employment increased by 284,000 over the year, with about three-fourths of the gain in durable goods industries. Manufacturing had added 207,000 jobs in 2017. In December, employment in retail trade rose by 24,000. Job growth occurred in general merchandise stores (+15,000) and automobile dealers (+6,000). These gains were partially offset by a job loss in sporting goods, hobby, book, and music stores-9,000). Retail trade employment increased by 92,000 in 2018, after little net change in 2017 (-29,000) Over the month, employment in professional and business services continued to trend up (+43,000). The industry added 583,000 jobs in 2018, outpacing the 458,000 jobs added in 2017. Employment in other major industries, including mining, wholesale trade, transportation and warehousing, information, financial activities, and government, showed little change over the month The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.5 hours in December. In manufacturing, both the workweek and overtime increased by 0.1 hour to 40.9 hours and 3.6 hours, respectively. The average workweek for production and nonsupervisory employees on private nonfarm payrolls held at 33.7 hours. (See tables B-2 and B-7.) In December, average hourly earnings for all employees on private nonfarm payrolls rose 11 cents to $27.48. Over the year, average hourly earnings have increased by 84 cents, or 3.2 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 9 cents to $23.05 in December. (See tables B-3 and B-8.) The change in total nonfarm payroll employment for November was revised up from +155, 000 to +176,000, and the change for October was revised up from +237,000 to +274,000. With these revisions, employment gains in October and November combined were 58,000 more than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.) After revisions, job gains have averaged 254,000 per month over the last 3 months

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Homework Answers

Answer #1

1.November month and the year 2018 were summarized. The unemployment rate for November was 3.7%.And the unemployment rate in the previous month (October) was 3.8% and the unemployment rate between October and November was almost same.

2.The following are the unemployment rates for the month of November-

Adult Women : 3.4%

Teenagers : 12%

Blacks: 5.8%

Hispanics : 4.5%

Whites : 3.4%

For the previous month i.e. October, the unemployment rates were-

Adult Women : 3.4%

Teenagers :12%

Blacks: November : 6.2%

Hispanics : 4.4%

Whites: November : 3.3%

3.The unemployment rate is the percentage of the labor force that is not employed. People are divided into few groups, first group is the teenagers who are under the age of 16 years and they are institutionalised and the second group consists of adults who are not working and the third group also has adults who are unemployed and not actively looking for jobs.The labor force includes both employed and unemployed and it is difficult to determine the affect of structural and frictional unemployment among these groups.

4. Unemployment affects the economy badly. When a person becomes unemployed, his income and spending power decreases and that person can't buy more goods. Hence, the manufacturing goods sales decreases and some workers may lose their jobs too. So, unemployment is considered as the biggest economic problem.

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