Math in the News The Bureau of Labor Statisticsprovides a wealth of informationon employment, unemployment,and other key statistics about theeconomy. In August, theunemployment rate went downto 8.1% from 8.3% the previousmonth. In this issue we look at the sizeof the workforce, which is one ofthe variables that is often Unemploymentmisunderstood.
Math in the NewsAccording to the Bureau of LaborStatistics (www.bls.gov): “The labor forceis made up of the employed and theunemployed. The remainder— those whohave no job and are not looking for one —are counted as ‘not in the labor force. ’”http://www.bls.gov/cps/cps_htgm.htm#nilf
Math in the News July Aug. Aug. Apr. May June July Aug.Not inlaborforce 85,528 86,828 88,311 86,198 88,419 87,958 87,992 88,340The statistics for those “not in the laborforce” are shown in this table. Thenumbers are in the thousands.http://www.bls.gov/news.release/empsit.t01.htm
Math in the NewsHere is a graph of the data. Notice howthe overall trend is an increase in thenumber not in the labor force.
Math in the NewsWhat do you think the impact is of anincreasing number of people not in the laborforce? How will it affect the unemploymentrate?