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After reading through the different resources provided under Course Materials for Week 2: Labor Market & Unemployment, write an essay that uses the following questions as prompts. Who collects unemployment statistics, how often, and why? Distinguish between the ‘official’ unemployment rate and the more comprehensive measure (U3 vs U6). Use the August Employment Situation report to summarize different labor market statistics as they stand currently (unemployment, labor force participation rate, employment-population ratio). Make sure to summarize (in your own words!) information broken down by industry. Also, speak about the demographic information provided (race/ethnicity, sex/gender, age, etc.). Using the “Labor Force Statistics from the Current Population Survey” will help. Make sure to define and explain what the CPS is when using data from it. Finally, and most importantly, explain (AGAIN: IN YOUR OWN WORDS!) unemployment as an actual permanent feature of capitalism. Why is unemployment so useful for owners/bosses? What does Dr. Wolff say about this all? Use his article on how unemployment is an inherent contradiction of the system itself. What does he mean by this? Remember to provide your own personal thoughts/experiences and/or current events that relate to this subject broadly and/or specifically! *5 paragraph minimum; spelling/grammar matter; essay format (not answering one after the other, but having an opening and closing paragraph with your own thoughts at the end); no plagiarism! Use your own words!
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