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23 April, 22:41

Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect:

Unemployment rate 6.10%

Participation rate 62.50%

Not in the labor force 64 million

Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.

Instructions: Round your responses to one decimal place.

Labor force: ___ million.

Working-age population: ___ million.

Number of employed workers: ___ million.

Number of unemployed workers: ___ million.

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Answers (1)
  1. 24 April, 02:34
    0
    Instructions are listed below.

    Explanation:

    Giving the following information:

    An unemployment rate of 6.10%

    Participation rate 62.50%

    Not in the labor force 64 million

    A) labor force:

    We know the total number of people that don't participate in the labor force and the percentage of the total population that does.

    Therefore:

    64 million = 37.5% of population

    6100% = x

    x = 1*64,000,000/0.375 = 170,666,667

    Labor force = 0.625*170,666,667 = 106,666,667

    B) Working-age population = total labor force = 170,666,667

    C) Employed workers = Total labor force - unemployed people

    Employed workers = 170,666,667 - (170,666,667*0.061) = 160,256,000

    D) Unemployed = Total labor force*unemployed rate = 10,410,667
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