?Key sets of labor market information include the monthly employment and unemplo

Question

?Key sets of labor market information include the monthly employment and unemployment numbers. The Current Population Survey (CPS) produces employment and unemployment statistics for the United States. All adult respondents are classified as employed, unemployed or not in the labor market. The numbers are typically calculated as simple percentages using the following formulae:

?1) Number in the Labor Force = Number Employed + Number Unemployed
?2) Employment Rate = Number Employed/Number in Labor Force
?3) Unemployment Rate=Number Unemployed/Number in Labor Force
Discuss how this information is useful to a business and give specific examples from each to demonstrate that you can locate and use it for a specific location.

Explanation / Answer

During the recent recession in particular, the unemployment rate has been at the center of our economic-policy debates. In October 2009, unemployment peaked at 10.1%

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