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The unemployment rate and the labor force participation are two labor statistics that are used to analyze the economy. In each of the scenarios below, state the impact that the event will have of both the labor force participation rate and the unemployment rate. Explain your answers using the formulas to calculate labor force participation and the unemployment rate that were discussed in this unit.
a. A car manufacturing company goes bankrupt and is forced to lay off all of its workers. All the laid off workers believe that they do not have skills for a new job and do not look for new jobs.
b. College graduates begin to look for jobs just as a recession begins. Firms are not looking to hire college graduates but the new college graduates are actively looking for jobs.
c. The stock market crashes. As a result, workers who were close to the age of retirement delay retirement and continue to work.
d. As a result of more accessible healthcare, people are healthier and living longer lives.
e. As between the labor force participation rate and the unemployment rate, which statistic does a better job of explaining the health of the economy? Explain your answer.
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