In this Chapter, we began our examination of the labor market. Use the internet to explore labor markets in more detail. Open the homepage for the
Bureau of Labor Statistics, click on Economy, and answer the following questions:
Questions- What is the latest unemployment rate?
- What is the civilian labor force?
- What is the latest productivity figure? Is it rising or falling?
- Can you find in which area productivity has grown the most?
- What is the latest average wage rate?
- What is the latest consumer price index?
- Dividing the wage rate by the price index gives the real wage rate. What is it?
- What would happen in the labor market if the real wage rate was declining?
