Chapter 8: The Labor Market e8-1 ATour of the labor market .8-2: Movements in Unemployment ●83: Wage Determination e8-4: Price determination .8-5: The Natural Rate of Unemployment 68-6: Where We go from here 2003-7-13
2003-7-13 1 Chapter 8: The Labor Market 8-1: A Tour of the Labor Market 8-2: Movements in Unemployment 8-3: Wage Determination 8-4: Price Determination 8-5: The Natural Rate of Unemployment 8-6: Where We Go From Here
8-1HA Tour of the labor market The Large Flows of Workers e Differences across workers 2003-7-13
2003-7-13 2 8-1: A Tour of the Labor Market The Large Flows of Workers Differences across workers
Figure 8-1: Average Monthly Flows Between Employment, Unemployment and Nonparticipation in the United States196841986 Employment 93.8 million 1.3 1.5 1.61.6 1.0 Out of labor Unemployment force 57.3 6.5million 0.8 million 2003-7-13 3
2003-7-13 3 Figure 8-1: Average Monthly Flows Between Employment, Unemployment, and Nonparticipation in the United States, 1968-1986 1.3 1.5 1.6 1.6 1.0 0.8 Employment 93.8 million Unemployment 6.5million Out of labor force 57.3 million
Figure 8-1 has three striking features e1. The size of the flows into and out of employment o 2 The size of the flows into and out of unemployment in relation to the total number of unemployed 3. The size of the flows into and out of the labor force 2003-7-13
2003-7-13 4 Figure 8-1 has three striking features 1.The size of the flows into and out of employment 2.The size of the flows into and out of unemployment in relation to the total number of unemployed. 3.The size of the flows into and out of the labor force
Table 8-1: Population, Labor force, Employment and Unemployment in the United states(in million), 1998 Total population 270.2 Civilian noninstitutional population 205.2 Civilian labor force 137.6 Employed 1314 Unemployed 62 2003-7-13 5
2003-7-13 5 Table 8-1: Population, Labor force, Employment, and Unemployment in the United States(in million),1998 Total population 270.2 Civilian noninstitutional population 205.2 Civilian labor force 137.6 Employed 131.4 Unemployed 6.2