Labor Market Information Flashcards

The monthly BLS Employment Situation report is usually released on:

Answer: The first Friday of the month

The jobs report typically comes out on the first Friday of the month at 8:30 a.m. ET.

A recent graduate who is between jobs while searching for a better fit is an example of:

Answer: Frictional unemployment

Frictional unemployment is short-term job searching and transitions in a healthy labor market.

Which federal law established the American Job Center network that provides local LMI and employment services?

Answer: Workforce Innovation and Opportunity Act (WIOA)

WIOA (2014) authorizes the American Job Center (one-stop) system.

Which statement best describes the limitation of using the 10th and 90th wage percentiles with a client?

Answer: They reflect the range of pay, but where a client falls depends on experience, location, and employer

Percentiles describe the wage spread, but an individual's pay depends on many personal and market factors.

Which survey of employer payrolls produces the monthly nonfarm payroll employment count?

Answer: Current Employment Statistics (CES)

The CES establishment survey produces the nonfarm payroll jobs figure.

A counselor discussing an occupation with a client wants to note that projections are not guarantees. Which factor is most likely to make projections inaccurate?

Answer: Unexpected economic shocks or technology changes

Recessions, pandemics, and new technology can change demand in ways the projection models cannot predict.

Unemployment rates rising during a recession, then falling during recovery, describes which type of unemployment?

Answer: Cyclical

Cyclical unemployment follows the business cycle.