ECO 335 Spring 2015
I. Go to the NY Fed’s “Eight Different Faces of the Labor Market” webpage available at http://www.newyorkfed.org/labor-conditions/ where the Federal Reserve Bank of New York presents a variety of important labor market indicators. The site provides both definitions and graphs. Click on the appropriate graphs/sections to answer the following questions:
1. What is the current unemployment rate and how has the rate varied since 2000?
2. What is the current employment-to-population ratio and how has it varied since January 2000?
3. Go to the “Hours” section and look at the average weekly hours 12-month change graph. What pattern(s) do you observe in the data?
4. How has the Labor Force Participation Rate changed since January 2000?
5. What is the most recent figure for initial jobless claims? (Note: This figure is in thousands.)
6. Looking at average hourly earnings (12-month % change), at what average rate would you say wages have been growing since the recession?
7. How have vacancy rates and hire rates changed from January 2002 through the present?
8. What is the current trend in the quits rate?
9. Based on your analysis, how would you say the labor market is performing?
10. Are there any other factors that you think one should consider in evaluating the labor market? You can draw from additional data on the site and class discussions to answer this question.
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