I’m working on a Economics exercise and need support.
For this assignment you will graph and evaluate three labor market measures for prime aged workers based on data retrieved directly from the Bureau of Labor Statistics.
Go to the Bureau of Labor Statistics web page, BLS.gov (Links to an external site.). Click on the tab for Data Tools and from the pull-down menu select ‘Data Retrieval Tools.’ At the top of the page titled ‘Databases, Tables & Calculators by Subject,’ click unemployment. From the unemployment database options, choose the Labor Force Statistics including the National Unemployment Rate – One Screen Data Search (you should select a green icon with a magnifying glass).
Using this search tool, find the seasonally adjusted monthly labor force participation rate, the unemployment rate, and the employment-population ratio for prime age workers (ages 25 to 54) of both sexes (combined) and all races and origins (combined) for the period from 1990 to 2020.
The data loads in a new tab. There you will need to adjust the output years back to the year 1990.
Upload a graph of each labor force statistic for the period indicated. Your graph should be a line graph with year on the x-axis and the measure on the y-axis; you may use the graphs created on the BLS data page if you wish or download the data and make your own graph in excel.
For each measure write a short paragraph using complete sentences; define the labor force participation rate, employment-population ratio, and unemployment rate, explain why they are interesting as market indicators, and describe the trends you see in the data.