You are given the following information, in millions of persons.
You are given the following information, in millions of persons.
Total Population 302
Civilian Non-Institutional Population ≥ 16 243
Employed 151
Unemployed 14
1. What is the U3 unemployment rate (one decimal place)?
2. What is the labor force participation rate (one decimai place)?
3. What is the employment-population-ratio? Suppose 6 million of the unemployed become discouraged and give up looking.
4. What is the new value of the labor force participation rate?
5. What is the new value of the U3 unemployment rate?
Homework Answers
Ans) Labour force = employed + unemployed = 151+14= 165 million
Unemployment rate = (number of unemployed people ÷ labour force)×100
Employment rate = ( number of employed people ÷ labour force) × 100
Labour force participation rate = (Labour force ÷ working age population) × 100
Employment to population ratio = (Employed ÷ working age population) ×100
Unemployed people are those who are willing and unable to find job. So according to the definition, those who voluntarily stopped seeking job are not considered as unemployed. This is called U3 unemployment. It is most widely used.
U6 unemployment includes all those who do not get job, voluntarily stopped seeking job, disabled, under employed and part time hours. It shows truer picture than U3 unemployment rate.
1) U3 unemployment rate = (unemployed ÷ labour force)×100
Unemployment rate = (14÷165)×100= 8.4848% = 8.5%
2) Labour force participation rate = (labour force ÷ working age population) ×100
Labour force participation rate = (165÷243)×100= 67.9%
3) Employment to population ratio = (employed ÷ working age population) ×100
Employment to population ratio = (151÷243)×100 = 62.139%
4) Since 6 million people stopped looking for job, unemployed people = 14million - 6 million = 8 million people
New labour force = 151 + 8 = 159 million
New labour force participation rate = (labour force ÷ working age population) × 100
New labour force participation rate = (159÷243)×100 = 65.43%
5) U3 unemployment rate = (unemployed ÷ labour force) × 100
New U3 unemployment rate = (8÷159) ×100 = 5.03%
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