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Labor Force from the Household Survey - Essay Example

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In the research paper “Labor Force from the Household Survey,” the author answers the question: what was the official unemployment rate reported for January 2013 and the total number of unemployed workers and what was the labor force participation rate…
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Labor Force from the Household Survey
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Labor Force from the Household Survey

Download file to see previous pages... U6 reflects the rate that includes persons marginally attached to the labor force and those who are employed part-time for economic reasons in generating the unemployment rate. Discouraged workers form part of the marginally attached workers.
 According to the authors, the main reason for the continuing stagnant growth of the U.S. economy lies in the “ongoing and scarcely improving shortfall in aggregate demand relative to the supply of productive resources”. (Bivens, Fieldhouse & Shierholz 2013) Consumption of produced goods and services have decreased since the onset of the ‘Great Recession’ in 2008.
2. The authors discuss the issue of the relationship between strong GDP growth and a strong recovery. What does their argument suggest about the relationship between strong GDP growth, the deficit and reducing unemployment?
 The authors’ argument suggests that budget deficit reduction results to decelerated GDP, which, in turn, translates to higher unemployment and underemployment rates. The austerity measures implemented to reduce budget deficits lead to less economic activities, fewer jobs, less production of goods and services, less demand from the consumers, and, ultimately to a lower GDP. Lower GDP requires less labor. More and more plants and factories will operate below their full capacity and will lay off more workers to cut costs and survive the economically difficult times.
 According to the authors, achieving full employment will bring in economic recovery. Full employment can be attained by boosting the consumers’ demand for goods and services produced by the country as the initial step toward narrowing the output gap – the difference between what the economy can produce and its actual output.  ...Download file to see next pagesRead More
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