Thursday, November 20, 2014
The State of the U.S. Labor Market: Pre-October 2014 Jobs Release
https://www.americanprogress.org/issues/economy/news/2014/10/02/98227/the-state-of-the-u-s-labor-market-pre-october-2014-jobs-release/ DUE 24 NOV 2014. What does it mean "not in the labor force"(use economic understanding)? Who is working, who is not, and why? What is the average weeks unemployed and what is happening to this number?? What does the declining real wages data show about the overall economy?
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Not in the labor force means that people are unemployed or they are not 15 years or older and economically active. The Baby Boomers age has a great effect on the reason people are not joining the labor force because all of the Baby Boomers are now retiring or in their retirement. The average amount of weeks unemployed is 28 weeks or 7 months! Although this number is declining, it is still shocking to me and depressing because I could not imagine someone living jobless for 7 months and trying to live or even provide for children. There needs to be a change with that number fast. The declining real wage data shows the amount of slack in the market. If our country does not step it up and get this economy up and running fast, we could be in some big trouble. When the economy is up, the safety of quitting, giving up an open position, and finding a better job will be more consistent.
ReplyDeleteNot being in the labor force means that people are not working or they are not old enough to have a job and deal with finances yet. When the economy is progressing, more people begin to work because there are more jobs available. After the Recession, the unemployment rates were expected to decrease because of the availability in jobs, but that’s not the case. The labor-force participation rates are actually as low as they were in the 1970s, which is when women started to work. Even though the economy is positively developing, the labor-force participation rates continue to stay low. One of the reasons for this is the effect of the Baby Boomers. Baby Boomers are now in the process of retiring, or are already retired. On average, people are unemployed for about 7 months, but that number will begin to decline. For somebody to be unemployed for that long is unfortunate, especially if that person has a family to care for; I couldn't even imagine it if I were to put it into personal terms. “The declining real wage data means there is still slack in labor markets.” This means that the economy still needs to find a way to help the unemployment rates and get the economy back up and running properly. Until the government finds a way to do this, people will not be able to find a job and then they may not be able to care for their families. If the government wants more people to work, then they need to create more jobs and an easier way for the unemployed to become employed.
ReplyDeleteNot in the labor force relates to people without jobs who do not desire one. The labor market is much healthier today, but the participation rate has declined post recession. This decline is caused by the retirement of many baby boomers. The post recession trend among those ranging from 25 to 54 makes this theory hard to prove though the average amount of unemployment is 7 months. This is many weeks of unemployment. It is twice the number of months it was before the recession. The declining real wages data show that the overall economy may be shrinking . We have to reduce the unemployment rate and reintroduce those who have left the labor force for the health of the American economy.
ReplyDeleteThe meaning of "not being a in labor force" is normally that the person is under aged and unable to receive an income, therefore they are unemployed. In general, these people are children that are near the age of 15. When the economy is doing gaining a profit and people are doing well, more typically enter the labor market. This is because there are more jobs available. Americanprogress.org says "We should expect the labor-force participation rate to be increasing in the aftermath of the recession. It hasn’t been. Instead, it’s declined steadily since the end of the recession and is as low today as it was in the late 1970s, when women were entering the workforce for the first time. Even with the positive developments we have seen in 2014, labor-force participation is still stuck where it was at the end of 2013." There is a correlation between the baby boomers aging and retirement. As the baby boomers are growing up, there are more Americans that are becoming retired. The theory that supports this is that the same post recession trend among 25- to 54-year-olds, people in their prime working years. The average length of time someone has spent unemployed is about seven-and-a-half months, almost double what it was before the recession. Seven and a half months is an extremely long time and I can't even imagine how it is affecting peoples lives. It is probably very difficult for all of these people to live their lives and not have to focus so much on the fact that they do not have much of an income. The number of wages are declining extremely which can extremely affect many people. The declining real wages mean there is still slack in labor markets. In order to make this economy better we need a labor market that is improving and adding more jobs. If the market is improving, we should see more jobs and upward pressure on the cost of labor. Americanprogress.org says, "Is there evidence of rising real compensation? Hardly. The Employment Cost Index, a more complete measure than basic hourly wage growth, shows a falling or flat real wages since the recession. The lack of wage growth means the amount of slack in the market is still considerable." I believe that the only way to solve this issue is that their be more opening of jobs for people of all types to apply for. I also think that it would be beneficial for kids that are under aged to have the opportunity to make an income of some sort whether it is a low pay or not. They should have an equal opportunity to save up for when they grow up.
ReplyDelete“Not in the labor force” means people who are not working they are not old enough to earn an income. When the economy was doing well there were more people in the workforce because there was more jobs available. During the great recession, the rate for unemployment was expected to fall since there were more jobs available, but the rate continued to decline: the labor-force participation was low as they were during the 1970’s. Even though the economy is doing better than it did a couple of years ago, the labor-force participation is still low. One explanation for low-work force is the Baby boomer generation. The Baby boomers are coming to retirement age, most are already retired or they are getting ready to retire. The average amount of unemployment is 28 weeks or 7 and half a month, however, that number is going to shrink because the unemployment rate is going down. According to the charts after 2010, the long-term unemployment rate is declining. The declining real wage data show there is still slack in labor markets. This means there is still need more work in the economy. The economy can do better than how it doing right now. There are still people who are unemployed; therefore our government should create more jobs for people.
ReplyDeleteNot in the labor force means that people are not working and don’t have a job, or they are not old enough to get a job and have to pay bills and deal with all the finance stuff that adults and working people deal with. Also, they who are not in the labor force don’t have an income. If the economy is doing fairly well, then that means more people typically enter labor market because there are more jobs available for them. After the recession, there should be an increase in the labor force rate. But according to the article, the rate hasn't increase, but it has been declining slowly. (“It hasn't been. Instead, it’s declined steadily since the end of the recession and is as low today as it was in the late 1970s, when women were entering the workforce for the first time. Even with the positive developments we have seen in 2014, labor-force participation is still stuck where it was at the end of 2013.”) A reason that cause the decline in labor force is the Baby Boomers, they are in retirement. On average, people are unemployed for about 7 months, but that number will begin to decline. “The declining real wage data means there is still slack in labor markets.” This means that the economy still needs to find a way to help the people who has not jobs and get the economy back up on its feet. There are lots of people still unemployed, so the government should create more jobs for the people so there will always be people working and the economy will be good.
ReplyDeleteThe term "not in the labor force" refers to people who are not employed, or have not reached the age where they should be getting a job. Many of the Baby Boomers are currently not working because at this time many of them are in retirement. As the years go by more will enter retirement and be out of the labor force. Also many people are actively looking for work but can not find a job. On the other hand, there are people who have looked for work before but are not currently looking now. People who can find a job are working, also younger people who have not reached the age for retirement. The average weeks unemployed is 7 and a half months or 28 weeks. This number will decline because the market is said to be improving, thus we should see more jobs and rising wages. The declining real wages data shows that the rate at which people are quitting their jobs is far below the normal level, which means the workforce is reluctant or unable to switch their jobs.
ReplyDeletethe meaning of labor force is the body of people who are at least 14 years old and are either employed or available for employment. so not being in labor force means that you are either not working or do not have the age enough to get a job. almost everyone that is in labor force is working, today thousands of job are generated daily, who isn't working is the old population that think they are old enough to stop working and claim their social security. i believe its because they rather collect money from their social and retire from the job they were doing. the average is two weeks ant this number is raising due to a bigger demand the job area.
ReplyDeleteNot in the labor force means that people are not working and don’t have a job, or they are not old enough to get a job and have to pay bills and deal with all the finance stuff that adults and working people deal with. Also, they who are not in the labor force don’t have an income. If the economy is doing fairly well, then that means more people typically enter labor market because there are more jobs available for them. After the recession, there should be an increase in the labor force rate. Even though the economy is doing better than it did a couple of years ago, the labor-force participation is still low. One explanation for low-work force is the Baby boomer generation. The Baby boomers are coming to retirement age, most are already retired or they are getting ready to retire. The average amount of unemployment is 28 weeks or 7 and half a month, however, that number is going to shrink because the unemployment rate is going down. The Employment Cost Index, a more complete measure than basic hourly wage growth, shows a falling or flat real wages since the recession. The lack of wage growth means the amount of slack in the market is still considerable." I believe that the only way to solve this issue is that their be more opening of jobs for people of all types to apply for. The economy can do better than how it doing right now. There are still people who are unemployed; therefore our government should create more jobs for people.
ReplyDeleteCARLIE LIBRIZZI
"Not in the labor force" refers to those individuals without jobs due either to retirement, minimum age requirement, or simply not having a job. It is self-explanatory that people in retirement do not have jobs, because they have retired from their jobs. The minimum working age in the US is 14 and workers under that age of 16 have very limited working hours. Then there are those who are unemployed either because they are in-between jobs or otherwise unable to attain one. All of these are what it refers to be 'not in the labor force'. The average weeks unemployed is about 7 and a half months, almost double what it was before the recession. Declining real wages indicates that the labor markets are experiencing a lot of slack. in my own opinion, this might not be such a bad thing. While numbers show that we have more people unemplyed than before the recession, we also have to take into consideration that the larger amount of baby boomers are applying for retirement now, meaning that we just happen to have a larger elderly population. We also have a larger amount of children realizing there isn't a need to get a job if they're being paid for, as well as a population of college students that have decided sticking to their subjects while their parents take care of tuition is the route they want to take. These reasons are mainly a result of pop culture.
ReplyDeleteThe phrase "not in the labor force" typically refers to someone who is still in school and unable to work or retired, but have debts and bills to pay. The better the economy, the more jobs available out there for people. Normally, we would expect the economy to rise and jobs to be easier to find, but we are terribly mistaken. It has been declining steadily since the last recession, and keeps decreasing. The main reason there is such a drastic decline in the labor force participation is because of the baby boomers. Many of them are aging and will soon fall into retirement. The estimated time people have been unemployed for is about seven months and a half, which is a lot especially for all the responsibilities one has. The problem right now is that this number is at 50% higher than the record. It's almost double than what it was during the recession. In this case, since supply and demand determine prices and wages , the reason why wages are declining is simply because less people are searching for jobs. This is a basic example of cause and effect. With less people searching for jobs and slacking the wages will be at a minimum. As more jobs are demanded, prices will increase.
ReplyDeleteLabor force measures are based on the civilian non institutional population 16 years old and over (Excluding people under 16 years of age) all people confined to institutions such as nursing homes and prisons, and people in the military. The labor force is made up of the employed and the unemployed. The remainder of people are those who have no job and are not looking for one, they are counted as "not in the labor force." Many who are not in the labor force are going to school or are retired. Family responsibilities keep others out of the labor force. As for who is work; There is a noticeable similarity between the baby boomers aging and retirement. The baby boomers are growing up, and there are more Americans that are starting to retire. This is supported by the fact that the same post recession trend among 25 to 54 year-old people in their prime working years. The average amount of unemployment is around 28 weeks (about 7 1/2 months), however, that number is going to decline because the unemployment rate is starting to go down. According to the charts, after 2010 the long-term unemployment rate will decline.The lack of wage growth means the amount of slack in the market is still considerable.
ReplyDelete“Not in the labor force” means people who are not working that are not old enough to earn an income. Being the fact that the economy was doing well resulted in many job openings as well as lots of people coming into the workforce. The rate of unemployment was expected to fall during the Great Recession have being that there were more jobs available. However it declined resulting in the labor force participation to be as low as it was in the 1970's. Till this day the labor force is still low even though the economy is improving. The baby boomer generation has a lot to deal with low workforce. They have already retired, about to retire or planning on to. On average, people are unemployed for about 7 months, but that number will begin to decline. According to the charts, after 2010 the long-term unemployment rate will decline. The lack of wage growth means the amount of slack in the market is still considerable.
ReplyDeleteSince the end of the Great Recession, the unemployment rate has fallen from 10% to 6.1%. When the economy is doing well, people use the advantage to enter the labor force because of available jobs. “Not in the labor force” pertains to the fact that the labor force has declined steadily and continues to be low today. People are not working and seeking employment, also contributing to the fact that most are either too old or too young. An explanation for the decline in labor force is the Baby Boomers and the fact that the majority of them are entering retirement and leaving the work force. For the average time of unemployment, it ranges up to 7 months, almost double of that before the recession. There are an estimated 3 million of American who have been unemployed for a half a year or longer and still continue to look for work. The average time for unemployment is in hopes to decline for the economy has added at least 250,000 jobs. Overall, the declining real wages data shows that that the market should be improving, though it isn’t fast enough. If the market is supposed to be improving than we should be able to see an increase in jobs and the increase pressure on the cost of labor. The Employment Cost Index shows a falling or flat real wages since the Recession. The lack of growth means that the slack of the economy is still considerable.
ReplyDeletePeople "not in the labor force" are usually those who are too young to receive an income and considered unemployed. Those working range from 16 to late 60s. The people who are 16 years and younger are not working because they are too young and those past 70s are now looking to retirement. The U.S has been in a recession which should have decreased the unemployment rates because there would be less jobs but the unemployment rate is equivalent to past unemployment rates. The usually time someone is unemployed is 7 months, however, this number is shrinking. The declining real wages data shows the slack still to be considered in the economy. We need to decrease the unemployment rate further and continue adding more jobs in hopes that the safety of finding a job will be better so that quitting will become more constant and therefore improve our economy.
ReplyDeleteNot being in the labor force means that people are not working because they are not old enough to get a job and pay the responsibilities that come with it. When the economy is doing well and gaining profits, then more people typically enter the labor market because there are more jobs available for them. After the Recession, the unemployment rates were expected to increase, but the opposite happened. The labor-force participation rates are as low as they were in the 1970s, when women started working. Although the economy is positively increasing, the labor-force participation remains low. One of the reasons this occurred was from the Baby Boomers. They’re now in the process of retiring, or most have already retired. On average, people are unemployed for about 28 weeks, or 7 months. If someone is unemployed for that long and has a family or things that need to be taken care of, it could put a strain on their lives. “The declining real wage data means there is still slack in labor markets.” From this, the economy still needs to find a way to help the unemployment rates and get the economy back to running properly. If the government cannot fix this problem, people will not be able to support themselves and everything they have to take care of. If the government wants more people to work, then they’ll have to provide more jobs and easier ways for the unemployed to become employed.
ReplyDelete"Not in the labor force" refers to the people who do not have a job due to their age, or other factors, yet still have debts to pay off. We would expect the labor market to be booming after the United States recent recession, and although it is improving, it is still not where it should be. More and more women are having to enter the working market in order to provide for their families. Baby boomers are retiring and exiting the market, but this does not seem to affect the trend of the 25 to 54 year olds, people in their prime working years. Currently, there is an estimated 3 million people in America that have been unemployed for a half a year or longer and continue to look for work. The average time someone is unemployed is 7 months, almost double of what it was before the recession. People are scared to leave their current jobs with fear that they might end unemployed. 250,000 jobs have been added into the market, yet we still see people with long term unemployment. What should be happening along with a rise in jobs is a rise in wages. However, we actually seeing the complete opposite as wages experience a decline. People will not take jobs if they feel as though they can find a better one for better pay. Yet in reality that is less likely to happen and in the end no jobs are filled. As for our economy, data shows that we are heading in the right position, just not as fast as we'd like.
ReplyDeleteNot being in the labor force means that people are not working or they are not old enough to have a job and deal with finances yet.When the economy is in the process of progressing, the more people begin to work because there are more jobs available. After the Recession, the unemployment rates were expected to decrease because of the availability in jobs, but that didn't happen at all. The labor-force participation rates are actually as low as they were in the 1970s, which is when the women started working. Even with the positive developments we have seen in 2014, the labor-force participation is still stuck where it was at the end of 2013. The reason that caused the decline in the labor force were the Baby Boomers because they are in retirement. On average, people are unemployed for about 7 months, which is unfortunate, but soon that number will begin to decline.“The declining real wage data means there is still slack in the labor markets.” Which means that the economy still needs to find a way to help the unemployment rates go down and get the economy back up and running properly again. If the government wants more people to work, then they need to create more jobs and an easier way for the unemployed to become employed.Until the government finds a way to create more jobs, people will not be able to find a job and then they may not be able to care for their families and the economy won't be running as properly as it should be.
ReplyDeleteNot being an in labor forces means that the person is under aged and unable to receive an income, therefore they are unemployed. These people are children that are near the age of 15. When the economy is gaining a profit and people are doing well, more enter the labor market. This is because there are more jobs available. There is a correlation between the baby boomers aging and retirement. As the baby boomers are growing up, there are more Americans that are becoming retired. The theory that supports this is that the same post recession trend among 25- to 54-year-olds, people in their prime working years. The average length of time someone has spent unemployed is about seven-and-a-half months, almost double what it was before the recession. Seven and a half months is an extremely long time and I can't even imagine how it is affecting people’s lives. It is probably very difficult for all of these people to live their lives and not have to focus so much on the fact that they do not have much of an income. The number of wages is going down a lot which can affect many people. The declining real wages mean there is still slack in labor markets. In order to make this economy better we need a labor market that is getting better and adding more jobs. If the market is improving, we should see more jobs and upward pressure on the cost of labor. I believe that the only way to solve this issue is that there be more opening of jobs for people of all types to apply for. We have to reduce the unemployment rate and reintroduce those who have left the labor force for the health of the American economy.
ReplyDeleteLabor markets are important to the economy. We have to be careful with the things we do and the people we work for. People between the ages of 25 and 54 are in there prime working years as they call it. this means they are healthy and have the ability to work. Anything above 54 people tend to retire and are living off retirement plans and social security. The unemployment is very good so the 7 1/2 month time of unemployment that is the average for American's is rapidly decreasing. the wages will soon rise hopefully in conjunction with many people being hired. The labor market will get better by adding more jobs and hiring more people. While the jobs are becoming available the cost of labor will increase and with more people having steady cash flow more people will start spending witch in turn will make the market much better.
ReplyDelete
ReplyDelete“Not in the labor force” means that a person is not old enough to be working, thus not getting anytime income, which is typically those up to 15 years of age. She the economy is doing well, typically more people join the work force, because it is assumed that more jobs are available. But, after the recent recession, the unemployment rates, which were thought to decline, did not. They actually went lower than usual and people have started to notice this downward trend for the U.S. economy. One of the main reasons for this is that Baby Boomers are growing older and retiring. The average person stays unemployed for seven months, yet some people have been unemployed for much longer than that, and sometimes it cannot be helped. Declining real wages means that there is a slack in the labor market. Basically, it means that our economy is not at the place it should be, and we still need to work to get it at a stable place. In order to make this economy thrive, we need to increase the amount of jobs available and we need to make the economy better so people don’t ever have to worry about finding a job or making money again. There are so many unemployed people out there who need to support a family, and one person who doesn’t have a job is affecting those around them as well, because we can never know what other people are going through.
The unemployment rate since the end of the Great Recession has dropped from ten percent to six point one percent, adding eight point two million jobs. It may seem as though those numbers are pretty significant and the economy is doing well, but why is the labor force participation rate steadily declining ever since? The whole “not in the labor force” is referring to those who are above the age of 16, excluding the elderly and people serving in the military, which do not have a job and don’t really plan on finding one anytime soon. The labor force is made up of those who are employed and unemployed. Typically the ones who aren't in the labor force attend school or they have retired or there are family reasons why they cannot get a job. But when the economy is doing good then that means that there are a lot more job openings available, but the numbers don’t add up. What happened was that after World War II, between 1946 and 1964 there was a baby boom in the United States making them become the largest generation of Americans born in US history. So now that the baby boomers are retiring causes the decline in labor force participants. But there is a flaw in that theory because researchers see the same numbers in the generation of people from the ages of 25 to 54 years old. So as the years continued from 2000, the percent of employment has dropped along with the percent of those in the work force period from 33.1 percent to 37.2 percent in 2014. So that theory isn't too well supported by the facts. The three million Americans still unemployed for half a year or longer, add to the unemployment percentage, and makes up 33 percent of it. The average time of unemployment is double than what it was before the recession, now being around seven and a half months without a job. With the way rates are going and the amount of jobs being created, the level of employment we had before many years ago will not be reached until mid 2019, estimated by The Hamilton Project. Both the employment and unemployment rates increased in 2008 to 2010, but this year is starting to decline. The turn around each month for people getting and losing jobs is about two million people. Which hurts our economy but firms and workers are trying to get people more precise matches. When looking at when the supply and demand determines prices, what is needed is for the labor market to keep improving and adding more jobs. With numbers increasing, the labor market itself should be more stable.
ReplyDeleteTo not be in the labor force refers to people who are unemployed and are not of the appropriate age to work. The labor force participation is decreasing; as baby boomers age, more Americans are in retirement. 3 million unemployed Americans are actively looking for work with no result, there are also those who have stopped looking. The average amount of unemployment is 7 months which is about 30 weeks. The decline of real wages shows that the economy will not be advancing. The lack of wage growth will decrease the amount of jobs being taken up by those who are looking and most likely increasing people quitting there jobs, this will decrease spending which is bad for the economy.
ReplyDeleteNot in the work force refers to people who are not working due to factors that include not being old enough, or being too old to work. In general, these people are children that are near the age of 15. When the economy is gaining a profit and people are doing well, more typically enter the labor market. This is because there are more jobs available. On average, people are unemployed for about 7 months, but that number will begin to decline. For somebody to be unemployed for that long is unfortunate, especially if that person has a family to care for; I couldn't even imagine it if I were to put it into personal terms.This means that the economy still needs to find a way to help the unemployment rates and get the economy back up and running properly. Until the government finds a way to do this, people will not be able to find a job and then they may not be able to care for their families. If the government wants more people to work, then they need to create more jobs and an easier way for the unemployed to become employed.
ReplyDeleteNot in the labor force is about people who are not working. People who are not earning any type of income. Baby boomers are not working because they are aging, Most Americans are beginning to enter retirement. Average weeks unemployed is 28 weeks ( 7 1/2 months). This number is slowly declining rather than increasing. About 2 million workers are going in and out of jobs each month. The data shows that there is still a slack in the labor market, and where the compensation growth is supposed to be.
ReplyDeleteNot being in the labor force means that people are not working or they are not old enough to have a job. Many of the Baby Boomers are currently not working because at this time many of them are in retirement. he post recession trend among those ranging from 25 to 54 makes this theory hard to prove though the average amount of unemployment is 7 months. This is many weeks of unemployment. The lack of wage growth means the amount of slack in the market is still considerable.
DeleteAccording to the article the term "not in the labor force"means people who are not employed.from an economic Stand point this means people who aren't working which is a burden to the economy. Younger people are employed who have not hit the age for retirement as for The baby boomers they are unemployed due too retirement and the majority of them are okay with living off of social security checks.Some individuals who looked for employment were in able to find work.The average unemployment can be up to 7 and half months of 28 weeks.This shows flat real wages since the recession this means the amount may still be considered in the market.I feel as though the government should supply more jobs for the people because it will make the economy run smoother stimulating growth.
ReplyDeleteThe meaning of "not in the labor force" are people who are not old enough or too old to work and earn an income. When the economy is doing well, more people enter the labor market because more jobs are available. the labor-force participation rate should be increasing in the aftermath of the recession. Instead, it has declined steadily since the end of the recession and it was as low today as it was back in the late 1970's, when women were entering the workforce for the first time. One theory for the decline in labor-force participation is that the Baby Boom generation is aging and therefore more Americans are in retirement. The average weeks being unemployed is 28 weeks or 7 1/2 months, this number is slowly declining. The lack of wage growth will decrease the amount of jobs being taken up by those who are looking for jobs and most likely increasing quitting rate in their jobs thus decrease spending.
ReplyDeleteAccording to www.bls.gov/cps/lfcharacteristics.htm, the term "not in the labor force" included people who are neither employed nor unemployed are not in the labor force. This category includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work. After the Recession, the unemployment rate in the U.S. is expected to decrease due to more availabilities in jobs, however, that's not exactly true. Instead, it has been declined slowly and is as low today as it was when women were entering the workforce for the first time in the late 1970s. Even with the positive developments we have seen in 2014, labor-force participation is still stuck where it was at the end of 2013. According to americanprogess.org, one explanation for the decline in labor-force participation is that as Baby Boomers age, most of these people are on their way to exit the market or already retired. This makes this theory hard to support due to the fact that we see the same post-recession trend among 25- to 54-year-olds, people in their prime working years. On average, people are unemployed for about 28 weeks, or 7 months. If someone was to be jobless for that long time, it would be hard to support his/her life necessaries, especially if one has a family to support financially to. In a healthy labor market, with roughly 2 million workers flowing in and out of jobs each month, this is crucial for the U.S. economy, as it represents workers and firms finding better, more productive matches. During times of economic uncertainty, however, people are hesitant to leave their jobs because they fear they might end up being unemployed. “The declining real wage data means there is still slack in labor markets.” This simply means that although it showed improvements after the Recession, the economy still needs to find a way to help increase the unemployment rates and get the economy back up and healthy like before. People will not be able to find a job and then they may not be able to care for their families until the government figure out some ways regarding this matter. In order to help the unemployed people to be employed, the government has to create more jobs to support that goal and at the same time to help stabilize the economy.
ReplyDelete"Not in the labor force" refers to those people who may have recently been looking for employment, but are not currently seeking employment. The labor force participation rate has been decreasing during the post-recession. Although there has been positive economic developments during the year of 2014, the article states that "labor force participation is still stuck were it was at the end of 2013." One reason explaining the decline in labor force participation is that as the Baby Boomers age, more Americans are retiring. However, this explanation is difficult to support because the same post-recession trend found among Baby Boomers is also found among Americans age 25- to 54, which is considered by the article as one's "prime working years." The average weeks unemployed is 31.7 weeks. This number is steadily declining, which is one reason why the traditional unemployment rate is quite inadequate for explaining the overall health of the economy. This is so because the current average is still higher than any other average the U.S. has recorded during the prerecession period. The declining real wages data shows that the overall economy has a considerable amount of slack in its improvement, meaning that there are not many jobs being added by the labor market. Overall, our economy is not where it should be, but it is "headed in the right direction", as stated in the article. However, if we do not decrease the number of long-term unemployed and "aggressively reintroduce the workers who have left the labor force" there can be permanent damage to the American economy.
ReplyDeleteThe meaning behind not being in a lobor force is that you don't have a job for a particular reason. Which is being underage, a military personnel, or institutionalized. If the economy is doing well more people will be employed. Lately that isn't the case. There is a low number of people participating in the labor force. The reason for this is that the older the baby boomers become, the more Americans that are in retirement. The rest of the people who are not categorized as not being in the labor force or is unemployed, are working. The average weeks unemployed is 28 weeks. Unemployment numbers are increasing instead of decreasing. The real wages data shows that the economy is falling short of doing what it is suppose to be doing. Which is providing jobs for people who need them.
ReplyDeleteNot being in the labor force means that people are not working or they are not old enough to have a job. Baby Boomers aren't working because they are retiring. And the younger generations are beginning to get jobs, specifically 25-54 aged people. The average amount of weeks unemployed is 28 weeks or 7 months. Declining real wages mean there is still slack in labor markets. We want a labor market that is improving and adding more jobs. If the market is improving, we should see more jobs and upward pressure on the cost of labor.- SAM MOHAMMED
ReplyDeleteThe meaning behind "not being in the labor force" is that the person is not working, in economics terms, it means someone that is unemployed and is damaging the economy. The people who are not working are the baby boomers who are reaching the age of retirement and the ones that are currently looking for a job and cannot find one. The people who are working, are the younger generations. The average number of weeks unemployed is about 28 weeks. That is a long time considering you have to pay bills and buy groceries, etc. But the number is slowly declining. The declining real wage data shows the slack in the labor markets.
ReplyDelete"not in the labor force" means people who are not working and babyboomers which means they are unemployed and not able to receive an income. Most people are typically working, when the economy is doing well more people enter the labor market because there are more jobs available. baby boomers and people 55-years-old and up are not working because, the decline in labor-force participation is that as Baby Boomers age, more Americans are in retirement. The average weeks unemployed is 7 and a half months and what is happening to this number is that it's declining. What the declining real wages data show about the overall economy is that there is still a slack in labor markets, government needs to create more jobs, and we need to treat it like any other market, where supply and demand determine prices—or wages, in this case. We want a labor market that is improving and adding more jobs. If the market is improving, we should see more jobs and upward pressure on the cost of labor.
ReplyDelete"Not in labor free force" means people who are not employed or choice or because they can't for some reason. "One explanation for the decline in labor-force participation is that as Baby Boomers age, more Americans are in retirement. The fact that we see the same post-recession trend among 25- to 54-year-olds, people in their prime working years, makes this theory hard to support." The average weeks unemployed is 28 weeks, making the number decline. "If we do not aggressively reintroduce the workers who have left the labor force and reduce the number of long-term unemployed, not only would it be an injustice to them, but it would also be a huge, permanent shrinking of the American economy as a whole."
ReplyDeleteThe phrase "not in the labor force" means that a person is either retired, or does not meet the minimum age to be able to work. The main problem with who is and isn't working is the age of the baby boomers. As they continue to age, more and more of them are entering retirement. Seeing as they were all the "baby boomers" there is not enough people in the labor force to be able to fill all of the jobs the retired baby boomers leave available. The average weeks unemployed is about 31.7 weeks and the number seems to be steadily declining as of right now. The declining real wages show that our economy is not up to par in the labor markets. Our government has not created enough jobs to be able to be at the economy the country needs to be at.
ReplyDeleteThe meaning of "not in the labor force" are people who are unemployed, or have not around the age of getting a job. But when the economy is doing great, a lot more people enter the labor market because more jobs are out and available. Baby Boomers and people at the age of 55, basically the people who are reaching the age of retirement are not working and the ones who are working are the younger generation. This is because of the decline in labor-force participation that as Baby Boomers age, more Americans are in the place of retirement. The average amount of unemployment are about 7 and a half months, and what happens is that the number is going to decline because the unemployment rate is dropping. The declining real wage data shows the amount of slack in the labor market. In order to make the economy better we need a labor market that can add more jobs so people can work and pay for their mortgage and bills. Basically, the government wants more people to work which means that they then should provide more jobs with faster/easier ways for the unemployed to become employed.
ReplyDeleteAnley Friden
ReplyDeleteWhat does it mean "not in the labor force"(use economic understanding)? Who is working, who is not, and why? What is the average weeks unemployed and what is happening to this number?? What does the declining real wages data show about the overall economy?
When a person says that they are "not in the labor force" they are saying that they are either retired, not the minimal age limit to work, or in the military where they are not able to work. in simple terms; they are unemployed. As the "Baby Boomers" age, they move closer to retirement if they are not already retired. As those jobs are opening from the "Baby Boomers" retiring, the more people are going to be needed to fulfill their jobs. The average weeks for unemployment is about 28, but the number is slowly decreasing as more and more people are getting jobs. The declining real wages data shows that the overall economy is on its way to a better economy, but there is still a very long way to go. To improve this number, the government needs to supply more jobs for the "not in labor force" so that we, as a nation, can expand our economy into something thriving, independent, and with a large working force.
The meaning of "not being a in labor force" is normally that the person is under aged and unable to receive an income, therefore they are unemployed. In general, these people are children that are near the age of 15. The ones that are not working now are the baby boomers that are now soon to be if not already, retired. The average length of time that a regular person has spent unemployment is roughly seven and a half months. Though roughly 33% of individuals slip into long term unemployment. This number is declining.The declining real wages data shows the slack still to be considered in the economy. We need to decrease the unemployment rate further and continue adding more jobs in hopes that the safety of finding a job will be better so that quitting will become more constant and therefore improve our economy.
ReplyDeleteThe meaning of "not in the labor force" means that a person is either retired, or does not meet the minimum age to be able to work. The main problem with who is and isn't working is the age of the baby boomers. Although there has been positive economic developments during the year of 2014, the article states that "labor force participation is still stuck were it was at the end of 2013." One reason explaining the decline in labor force participation is that as the Baby Boomer. The average amount of unemployment is 7 months which is about 30 weeks. The decline of real wages shows that the economy will not be advancing. The lack of wage growth will decrease the amount of jobs being taken up by those who are looking and most likely increasing people quitting there jobs. In order to make this economy thrive, we need to increase the amount of jobs available and we need to make the economy better so people don’t ever have to worry about finding a job or making money again.
ReplyDeleteNot in the labor force mean unemployed people without a job. In other words people enter the labor force when job opportunities start to come up or when they start to work. Not all civilians are working, the ones that are, are usually adults kids can't work since they are under age. Citizens that are on retirement don't work either. The average weeks unemployed is 7 and a half months since the unemployment rate is dropping the weeks are also going to drop. What the declining real wages data shows about the overall economy is a slack in our economy. Our economy isn't where it really should be and we need to do what ever we can to make new jobs and improve it.
ReplyDelete"Not in the labor force" basically defines the people who are unemployed or they haven't reached of age to work. Therefore, they are economically inactive. The labor market is better today than before. However, the participation rates have declined after the recession. This decline is caused by the retirement of many baby boomers. These people are getting older these days and are retiring and leaving the "labor force." The average amount of weeks unemployed is 28 weeks..that's a whole staggering eight months without a job supplying you with a fixed income. This statistic is in fact, declining, but I can only imagine what struggle unemployed people go through especially for eight whole months. The declining real wage data shows that there is still work to be done in labor markets. This means the economy can still use much improvement. The economy can do better than it is now and it needs someone to be committed to fixing it right away because it can only get worse if it doesn't get better. There are still several unemployed individuals and therefore our government needs to create more jobs for people and employment should be easier to provide people with a better chance at finding a job.
ReplyDelete"Not being in the labor force" means that someone is unemployed or not 15 years of age or older, and active in our economy. Baby boomers are retired or in the process of retiring. Right now, the average amount of time unemployed is 7 months or 28 week, but this number will begin to decline. The declining real wage data shows the amount of slack in the market, which means that the economy needs to figure out how to help unemployment rates and imp prove the economy. If the government doesn't find a way to help unemployment rates, people won't be able to find jobs and will most likely not be able to care for their families. If the government wants lower unemployment rates they're going to have to find a way to fix the problem, and if not were in major trouble.
ReplyDeleteNot in the labor force means that a person is not working either due to being too young, too old or just can't get employed. Kids 15 or younger are not working and elder people 65 or older are not working due to retiring. People who are in the age of where you are eligible for work, they are just not able to get a job or would rather be lazy and collect unemployment. The average weeks unemployed is about 7 and this number is slowly declining it's still a long time to go without being paid. The real wages data shows that our economy still has slack in our job places and if we don't work on diminishing this slack then we are in some serious trouble.
ReplyDeleteNot in the labor force relates to the people that are not working and don’t have a job, or they are not old enough to get a job.When the economy is progressing, more people begin to work because there are more jobs available.The labor force participation is decreasing; as baby boomers age, more Americans are in retirement. The Baby boomers are coming to retirement age, most are already retired or they are getting ready to retire. The labor force is made up of those who are employed and unemployed. The average amount of unemployment is 28 weeks or 7 and half a month, however, that number is going to decreasing because the unemployment rate is going down. The Employment Cost Index, a more complete measure than basic hourly wage growth, shows a falling or flat real wages since the recession. Declining real wages means that there is a slack in the labor market. From this, the economy still needs to find a way to help the unemployment rates and get the economy back to running properly.
ReplyDelete"Not in the labor force" means that the person is not employed, these people include the underage, retired, etc. The "baby boomers" are not working due to retiring; the retiring rate has increased since August of 2000. The people who are working are the ones who are not classified under "not in labor force" or "unemployed". The average weeks unemployed is 28 weeks which is about 7 months, this number is slowly declining. The lack of wage growth means that there is still a large amount of slack in the labor market today.
ReplyDelete"Not in the Labor Force" refers to the people who are unemployed and the people who aren't eligible to work. The greatest percentage of the people who are working are between the ages of 25-54. The labor force participation is declining due to the age of the baby boomers who are now moving towards retirement. Most Americans who are out of work have been looking for jobs for about an average of seven and a half months, which is more than double the time before the recession. The economy could slowly be making a change for the worst if the decline in real wages continue to happen.
ReplyDeletePeople who do not work or have a job is what "not in the labor force" is referring to. The majority of civilians working are 25-54 years of age. People in their prime working years. As baby boomers age more people settle into retirement. The average amount of time spent unemployed is about seven and a half months (about 29 or so weeks). The number is slowly decreasing. The lack of wage growth shows slacking in the labor market. We want a labor market that improves and adds more jobs. This needs to be addressed if we want to see progress and the number of employment go up.
ReplyDelete"Not in the labor force" refers to people whom are retired or in a state of not having the ability to work efficiently. The people who tend to be working are primarily those ages 25-54, "people in their prime working years," on the other hand, the baby boomers of our time have been aging their way into retirement. Retirees are not in the typical conditions to be working in considering that with age various processes have slowed therefore leaving older people as a less valued asset to companies. The average length of time spent unemployed is roughly 31.7 weeks which appears to be falling since 2010. Nearly 3 million of the U.S. population have fallen into the long term unemployed category. The Employment Cost Index has seen a falling or flathead wage since the Great Recession which indicates that the market is not improving & in actuality is slowly falling; supply and demand don't seem to sufficiently effect prices and wages of the jobs currently available.
ReplyDelete"Not in the labor force" means that people are not working and/or not of legal age to start. When the economy is doing well, people typically enter the work force. Those that are not working are in search of work or give up looking for one. Also, the decline in labor force participation is that as baby boomers age, more americans are in retirement. The average weeks unemployed is 7 months; this number is declining. The declining real wages data show that the overall economy is slacking in the labor market. The are still a need to reduce unemployment. Therefore, he government should crete more jobs.
ReplyDeletePeople not in the labor force are unemployed or too young to work. The baby boomers are now retiring. The average weeks unemployed is 28 weeks. The number of wages continues to decline. The declining wages shows that people are not earning and spending. We need people to work so that they contribute to the growth of the economy. Many adults are unemployed yet teens continue to find work. Adults should aim for jobs above minimum wage. It is unfortunate, but at some point they need to make an effort because it is not impossible to find work in this country. Sacrifices must be made. At the end of the day people need to step up and make adult decisions. A lot of people are playing games and not providing for their children. It is not right. Fix yourself and make a way!!! It is possible.
ReplyDelete"Not in the labor force" refers to people who are unemployed or they are not 15 years or older and economically active. Baby boomers are retired or in the process of retiring. Right now, the average amount of time unemployed is 7 months or 28 week, but this number will begin to decline. The declining real wages data shows that the overall economy is slacking. We are not where we should be and we need to fix that.
ReplyDeleteAccording to the Burea of Labor Statistics, "not in the labor force" generally means unemployment. The people that are working are in the labor are those anywhere from the ages of 25-54; during their prime years. The individuals that are not working are the baby boomers that mostly in retirement. The time of unemployment is seven and a half months, and this number is double of what it was before the recession. The declining real wages data shows that the overall economy is in bad shape because businesses need more job turnovers in order for employs to find right jobs so that they could work for long term periods and more efficiently.
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ReplyDelete"Not in the labor force" means that you are unemployed or too young to legally work.The article states that we should have an increasing labor force, but it is instead decreasing to the point that it was when women first began to work.One explanation the article gives is that baby boomers are now entering retirement age, however, it also states that the unemployment is equally affecting 25-54 year olds. As for the average weeks unemployed, the answer is 28, but this number is declining. The declining wage rate means that the economy is not where it should be. Supply and demand are not affecting the market for jobs and wages as they should be.
ReplyDeleteTo be "Not In labor force" means your legally too young to work or unemployed. In the article it clearly states we should have a rise in labor force. Though it still is decreasing, it shows supply and demand aren't bein affected like should and the age rates wffected most are 23-25. This is even worse than begoore or during when first started working.
ReplyDelete"Not in the labor force" means that people are unemployed or they are not old enough to have a job and not economically active. When the economy was doing well there were more people in the workforce because there was more jobs available. Yet that is not the case now. Even though the economy is doing better than it did a couple of years ago, the labor-force participation is still low. A reason that cause the decline in labor force is the Baby Boomers generation which had a great effect on the reason people are not joining the labor force because all of the Baby Boomers are now retiring or in their retirement. The average amount of unemployment is 28 weeks or 7 and half a month, however, that number is going to shrink because the unemployment rate is going down. According to the charts after 2010, the long-term unemployment rate is declining. The declining real wage data show there is still slack in labor markets. This means there is still need more work in the economy. The economy can do better than how it doing right now. There are still people who are unemployed; therefore our government should create more jobs for people.
ReplyDelete"Not in the labor force" means that anyone who is not classified by the Bureau of Labor Statistics as either employed persons or unemployed persons. Those who are working are those who begin to work when the economy is doing well. Labor-force participation rate should be increasing after the recession. But instead it declines steadily. As Baby Boomers age, more Americans are in retirement. The average weeks unemployed is 28 weeks, which equal up to 7 months. This number is only increasing. The declining real wage data shows that the overall economy.
ReplyDeletePeople not I'm the labor force don't have a job nor pay taxes. Baby boomers are going into retirement as well as most Americans. Others are those who are employed. The average weeks unemployed was 4,000 in 2004 to 6.100 in 2014, a difference of 2,100 over ten years. Declining real wages show that labor markets still aren't improving. We've been dealing with the effects of the Great Depression for over six years. The markets are simply not putting an effort to improve, therefore Americans suffer with obtaining a job.
ReplyDelete"Not in the labor force" means people that are too young or too old to work. They could be either not of legal age or retired.
ReplyDeleteCivilians at the ages of 25 to 54 are currently working while civilians from the Baby Boomers age are going into retirement. Age has finally caught up to the Baby Boomers; it is time for a new generation of workers.
The average weeks unemployed is about 32 weeks, and this number is decreasing because total nonfarm employment is increasing but at a small rate. It is estimated we will not reach our peak of total nonfarm employment until mid-2019.
What the declining real wages data shows about the overall economy is that it is not improving. The nominal compensation growth has shown a falling or flat real wages since the recession. With a lack of wage growth, it means that the amount of slack in the market is still considerable.
Labor markets are important to the economy. We have to be careful with the things we do and the people we work for. People between the ages of 25 and 54 are in there prime working years as they call it. this means they are healthy and have the ability to work. Anything above 54 people tend to retire and are living off retirement plans and social security. The unemployment is very good so the 7 1/2 month time of unemployment that is the average for American's is rapidly decreasing. the wages will soon rise hopefully in conjunction with many people being hired. The labor market will get better by adding more jobs and hiring more people. While the jobs are becoming available the cost of labor will increase and with more people having steady cash flow more people will start spending witch in turn will make the market much better.
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