- Review Chapter 11 of Economics for Managers..
- Watch the following animations. To move through the animation sequence, click Next until you reach the end of that animation sequence. These animations will prepare you for the discussions and other assignments in this and upcoming workshops.
- Review the information available on the following websites. You will use this information to answer the questions below:
- Overview of BLS Statistics on Unemployment: http://www.bls.gov/bls/unemployment.htm
- Unemployment, total (% of total labor force): http://data.worldbank.org/indicator/SL.UEM.TOTL.ZS
Michigan Unemployment Tops 15%
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The U.S. Department of Labor reported that Michigan’s unemployment rate in 2009 rose to 15.2%, becoming the first state in 25 years to suffer an unemployment rate exceeding 15%. Michigan has been battered by the collapse of the auto and housing industries, and has had one of the highest unemployment rates in the country over past several years.
a. Why is the reality of the unemployment problem in Michigan actually worse than the statistic of 15.2%?
b. Is the increased unemployment frictional, structural, or cyclical? Please explain your answer.