Answer these questions
1. Challenges for the Bureau of Labor Statistics
what are the challenges faced by the BLS? Is there a method of collecting unemployment information you think would be more effective?
2. Unemployment challenges and similarities
- Given what you’ve learned about types of unemployment, what are the distinct challenges associated with each type, Frictional, Structural and Cyclical? What are the similarities between all three?
Be sure to mention in your discussion what factors contribute to a person’s unemployment as you highlight the type.
- Can you think of any product or industry that may be obsolete in the future? What innovation or technology could replace or preserve the product or industry?
Be sure to mention in your discussion if you think this obsolescence applies globally, nationally, or just locally.
Cyclical unemployment: Unemployment associated with recessions in the business
Someone who is not working and is not looking for work because of a belief that there are no jobs available to him or her.
People 16 years and older who have jobs.
Unemployment that results when people are new to the job market, including recent graduates, or are transitioning from one job to another.
The total number of workers, including both the employed and the unemployed.
Labor force participation rate:
The percentage of the working-age population that is in the labor force.
Natural rate of unemployment:
The rate of unemployment that does not contain cyclical unemployment.
A period of declining real income and rising unemployment; significant decline in general economic activity extending over a period of time.
Long-term joblessness caused by a mismatch in the skills held by those looking for work and the skills demanded by those seeking workers.
Wanting a full-time job but having only a part-time job; being overqualified for a job and receiving less pay than would be earned at a job requiring a higher skill level.
People at least 16 years old who are without jobs and actively seeking work.