Unemployment And Its Impact On The Nation s Unemployment...

Unemployment is one of the biggest topics that we talk about as a country and also is one of the biggest problems that we have as well. In essence it is the state of being unemployed. There are three total types of unemployment: frictional, structural and cyclical. The latest unemployment rate reported by the Bureau of Labor Statistics (BLS) was 4.9% in January. The way that we measure unemployment is BLS conducts a national survey that is random to a number around 60,000 households. They do this to determine who is employed and who is not employed. The survey asks a series of questions such as which members of the household are working, not working, looking for work, not looking for work, etc. The answers that they receive using these surveys is the number that they use for the nation’s unemployment rate. Sure it seems like a small sample size compared to a whole country doing it, but that would take too much time and not everyone would fill it out. The 2010 Census numbers av eraged out to around 2.58 people per household. So that means they are really getting employment/unemployment information and statistics on about 154,800 people which is a much bigger sample size. Then there is always the variable that there is more people in one household than 2.5 that they send the survey to. The BLS divides the country into three separate groups. The first one is made up of people under 16 years of age and people who are institutionalized (i.e. mental hospitals or correctionalShow MoreRelatedDoes Home Ownership Impair An Individuals Labor Market Outcome?1127 Words   |  5 Pagesindividual s labor market outcome? Some early works suggest that home owners change their locations of residence less often than renters and, thus, home owners are immobile and less flexible. Nickell (1997) found that countries in which citizens are not shackled by the chain of permanent residence (flexible mobility) have relatively high employment rates. 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