Please calculate the unemployment rate, the employment rate, and the labor force participation rate given the...
Please calculate the unemployment rate, the employment rate, and the labor force participation rate given the following information. Round to two decimal places.
Total Population: 280,270,378
Homemakers: 18,874,567
Retired: 24,687,155
Labor Force: 225,314,672
Under the Age of 16: 30,799,600
Discouraged Workers: 9,678,228
Unemployed: 31,482,365
Underemployed: 5,977,312
Homework Answers
unemployment rate =unemployed/labour force
=31482365/225314672
=0.13
employment rate = 1 - 0.13
= 0.87
labor force participation rate = no. of people actively participating in labour force/eligible to participate in the labor force
= 225314672/60035160
= 3.75
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