6. During the first three months of 2009, the number of American workers counted by the Bureau of Labor Statistics (BLS) as being employed decreased by 2,451,000 (that is, by almost 2 1/2 million) yet, over the same period, the number of American workers counted by the BLS as being unemployed increased by only 2,053,000 (that is, by just a little more than 2 million). a. Explain briefly (no more than a sentence or two) how these two numbers can be consistent with one another. b. In light of the two statistics given above, would you say that the rise in the unemployment rate from 7.2 percent to 8.5 percent during the first three months of
6. During the first three months of 2009, the number of American workers counted by the Bureau of Labor Statistics (BLS) as being employed decreased by 2,451,000 (that is, by almost 2 1/2 million) yet, over the same period, the number of American workers counted by the BLS as being unemployed increased by only 2,053,000 (that is, by just a little more than 2 million). a. Explain briefly (no more than a sentence or two) how these two numbers can be consistent with one another. b. In light of the two statistics given above, would you say that the rise in the unemployment rate from 7.2 percent to 8.5 percent during the first three months of
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Unemployment
Section: Chapter Questions
Problem 4PA
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Transcribed Image Text:6. During the first three months of 2009, the number of American workers counted by the
Bureau of Labor Statistics (BLS) as being employed decreased by 2,451,000 (that is, by almost
2 1/2 million) yet, over the same period, the number of American workers counted by the
BLS as being unemployed increased by only 2,053,000 (that is, by just a little more than 2
million).
a. Explain briefly (no more than a sentence or two) how these two numbers can be
consistent with one another.
b. In light of the two statistics given above, would you say that the rise in the
unemployment rate from 7.2 percent to 8.5 percent during the first three months of
2009 overstates or understates the severity of the recession as felt by US workers?
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