In this newsletter, we use a graph to show the ratio of unemployed persons to job openings, map the employment-to-population ratio across countries and over time, share some tips for playing FREDcast, and quiz you on labor markets.
Focus on the Ratio of Unemployed Persons to Job Openings
This assignment provides instructions on building the graph below and includes writing prompts for out-of-class assignments.
Using GeoFRED® to Compare Employment-to-Population Ratios
This assignment provides instructions on creating the employment-to-population ratio maps below and suggests prompts for in-class discussion. See how you do on our sample discussion questions below.
Employment-to-Population Ratios by Nation
Click on the map above to view an interactive version
Question: Name five countries in Western Europe with employment-to-population ratios below 50% in 1997.
Again, click on the map above to view an interactive version
Question: Compare this map with the map above. Name two Western European countries whose employment-to-population ratios have risen above 50% between 1997 and 2017. Explain how a rising employment-to-population ratio would impact the average standard of living in those countries.
Learning about Labor Markets to Forecast Changes in Payroll Employment
Changes in payroll employment depend on many factors. In December 2018, some industries had much larger changes in payroll employment than others. Read on for more details and a list of resources to become a better FREDcast forecaster.
According to the Bureau of Labor Statistics, “Total nonfarm payroll employment increased by 312,000 in December of 2018.”
“Job gains occurred in health care, food services and drinking places, construction, manufacturing, and retail trade […] Employment in other major industries, including mining, wholesale trade, transportation and warehousing, information, financial activities, and government, showed little change over the month.”
Resources to become a better FREDcaster
- FRED® Blog: “Which workers quit more?“
- Economic Synopses: “Job Separation Rate Shows Economic Shifts”
- Economic Synopses: “The Mechanics Behind Manufacturing Job Losses“
- Page One Economics®: “Will Your Smartphone Get You a Job?“
Quiz Yourself on Different Aspects of Labor Markets
Q1. Imagine you are currently looking for a job. To which Census region should you move?
Q2. Between 2009 and 2019, which two Census regions have had similar numbers of job openings?
Q1. Compare the percentages of job openings across industries in October 2019 by hovering over the graph. Which industry has the highest percentage of job openings?
Q2. Compare the percentages of job openings across industries in October 2019 by hovering over the graph. Which industry has the lowest percentage of job openings?
Q1. Compare the quitting rates between private industry and government. In which sector do workers quit more frequently?
Q2. Consider the quitting rates over time. When are workers less likely to quit their jobs: during recessions or during expansions?
Q3. Consider the quitting rates over time. When are workers more likely to quit their jobs: during expansions or during recessions?
Now that you’ve aced this quiz, give it to your students using this dashboard. To customize this dashboard, just click the “Save to My Account” button at the top of the dashboard.