(b) When using a tradeoff process, the following apply: More importantly, the labor force decreased by 168,100 persons or about 1.23 percentage points between July 2021 and August 2021.(a) A tradeoff process is appropriate when it may be in the best interest of the Government to consider award to other than the lowest priced offeror or other than the highest technically rated offeror. It is possible that both the unemployment and employment rates decreased simultaneously because the labor force also decreased between July 2021 and August 2021.
They tell you: "I don't understand why the news reports are saying that the unemployment rate is so low and fell between July 2021 and August 2021 because the ABS data shows that the number of people with jobs fell from 13,168,900 to 13,022,600. We can observe that the labor force decreased by 168,100 persons or about 1.23 percentage points between July 2021 and August 2021.On the other hand, we divide the number of employed individuals by the total number of individuals belonging to the labor force to calculate the employment rate. To get the unemployment rate, we divide the number of unemployed individuals by the total number of individuals belonging to the labor force. As the labor force is equal to the sum of employed and unemployed persons, both unemployment and employment rates are therefore represented in proportion to the labor force. It is possible for both the unemployment and employment rates to decrease at the same time because of the labor force.Explain what other economic indicator needs to be monitored, and provide your calculation of the changes in this other indicator that occurred between July 2021 and August 2021.
Unemployment Rate August 2021 = 617.1 / 13,639.7 = 0.04524293056Ģ.) Then help your colleague understand how it is possible for the unemployment rate to fall even though the number of people with jobs also fell.The unemployment rate fell from 4.63% in July 2021 to 4.52% in August 2021.Show moreġ.) First verify whether your colleague is correct when they say that the unemployment rate fell between July 2021 and August 2021. When you obtain your answers, write a clear sentence that addresses the specific Round off your answers to 2 decimal points. To support your calculations, include all your working and the formulas you applied toĬompute these labour market statistics. Indicator that occurred between July 2021 and August 2021. Indicator needs to be monitored, and provide your calculation of the changes in this other Then, help your colleague understand how it is possible for the unemployment rate to fallĮven though the number of people with jobs also fell.
Saying that the unemployment rate is so low and fell between July 2021 and August 2021,īecause the ABS data shows that the number of people with jobs fell from 13,168,900 toįirstly verify whether your colleague is correct when they say that the unemployment rate They tell you: 'I don't understand why the news reports are Source: ABS, Labour Force Australia, Seasonally-adjusted data series.Į) Your colleague working with you on this Policy Brief has expressed confusion about the Labour Force Statistics, Australia (March 2020 to August 2021)
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