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Decision Making Situations
One of the most critical issues that gripping our national debate today is the issue of unemployment and the subsequent concerns the rate of unemployment raises, regarding the U.S. economy's ability to fully recover. According to the Bureau of Labor and Statistics, the unemployment rate was 5.6% in January.
Unemployment rates for most major worker groups, including adult men (5.1%), adult women (5.0%), teenagers (16.7%), whites (4.9%), and blacks (10.5%) -- were little changed in January. The unemployment rate for Hispanics rose to 7.3% over the month, about the same rate as last fall. The unemployment rate for Asians was 5.2% in January, not seasonally adjusted." (Unemployed situation summary, 2004).
The Government conducts a monthly sample survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. (FAQ, 2004) Thus the method of data compilation is not universal; rather it is a selection of individuals. People are deemed employed if they worked for pay during the surveyed week and were not ill, on vacation, or meeting other specific situations that locates them permanently out of the labor force. "Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work." (FAQ, 2004). This method of data collection in the form of surveys regarding employment is augmented in its accuracy with such controls as "seasonable employment," which may vary regionally, and also the census of the nation, to determine how large the national and regional population samples should be.
Also, the Bureau of Labor and Statistics does not simply compile quantitative data, nor does it submit questionnaires to simply determine rates of monthly employment after the fact. It also periodically issues reports of how different occupations and areas of industry are performing, and the potential for growth of these industries. This data is augmented by interviews with industry personnel to determine the personal qualities and subjective perceptions of working in certain industry areas. (Occupational outlook handbook, 2004)
Works Cited
FAQ." (2004). Bureau of Labor and Statistics. Retrieved on February 23, 2004 at http://www.bls.gov/cps/cps_faq.htm#Ques1
Unemployment situation summary." (2004) Bureau of Labor and Statistics. Retrieved on February 23, 2004 at http://www.bls.gov/news.release/empsit.nr0.htm
Occupational outlook handbook." (2004). Bureau of Labor and Statistics. Retrieved on February 23, 2004 at http://www.bls.gov/oco/home.htm
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