Because the unemployment rate equals unemployed people divided by the labor force, the rate can fall if unemployed people stop actively looking for work and therefore leave the labor force, even if they do not become employed.
An average (mean) adds everyone’s earnings and divides by the number of workers. A small number of very high earners can therefore pull the average upward. The median is different: it is the midpoint, with half of workers above it and half
No. The Consumer Price Index (CPI) measures average price change for a representative market basket purchased by its reference population of urban consumers.
The labor-force participation rate is the labor force divided by the civilian noninstitutional population age 16 and older. The labor force includes people who are employed plus people who meet the definition of unemployed.
Median earnings are the midpoint of an earnings distribution: half of workers earn more and half earn less.
No. In BLS productivity statistics, hourly compensation includes wages plus benefits paid per hour of work, including employer contributions such as health insurance and retirement.
The employment-population ratio is the number of employed people divided by the civilian noninstitutional population age 16 and older.
BLS usual weekly earnings are wage-and-salary earnings before taxes and deductions. They do not include the cash value of benefits such as employer-provided health insurance.
No. Labor productivity measures real output per hour worked. It measures production efficiency, not how the resulting income is distributed between workers, owners, or other recipients.
The monthly payroll survey counts nonfarm payroll jobs, not unique people. A person working multiple jobs at different establishments is counted once at each establishment. By contrast, the household survey counts an employed person only on
