For this box you will analyze the labor market before, during, and after the financial crisis.
You will analyze the 2006-2016 period; these are the years that have the same unemployment rates at both end-points (4.7% in both January 2006 and December 2016).
– Go to www.BLS.gov (Links to an external site.) and look for 1) the Unemployment Rate; 2) Labor Force Participation Rate; and 3) hours of work (search: total private average weekly hours of all employees).
The purpose of this box is to document and explain these three indicators during the Great Recession.
The participation rate and hours correspond to the extensive and intensive margins, respectively. The “extensive margin” refers to whether to work or not, and the “intensive margin” refers to how many hours —once one has decided to work.
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