Question

ECO 311 Spring 2019 Problem 1 Computing Labor Force Statistics 1. The following data were obtained for November 2009 and November 2018 from the Department of Labor, Bureau of Labor Statistics Nov. 2002 Nov. 2018 Total Population 308,526,000 328,997,000 PLf-Noninstitutional Civilian Population 236,743,000 258,708,000 72,794,000 83,219,000 9,171,0003,106,000 65,587,000 73,576,000 6,169,000 2,869,000 33,479,000 38,811,000 Aged 16 Years and Older Men Employed Men Unemployed Women Employed Women Unemployed Men Not in the Labor Force Compute the following labor force statistics for each year: (All numbers given in thousands) 1. Labor-force participation rate. 2. Unemployment rate. 3. Unemployment rate for men. 4. Labor-force participation rate of women 5. Number of persons not in the labor force.

Answer 1

Noninstitutional civilian population = 236, 743, 000 Total employed = men employed + women employed = 72,794,000 + 65,587,000 = 138,381,000 Total unemployed = men unemployed + women unemployed = 9,171,000 + 6,169,000 = 15,340,000 Total Labor force = Total employed + total unemployed = 138,381,000 + 15,340,000 = 153,721,000 Labor force participation rate = Labor Force/Non institutional civilian adult population in 2009 times 100 = 153721000/236743000 times 100 = 64.93 % \r\n In 2018, Total employed = 83,219,000 + 73,576,000 = 156,795,000 Total unemployed = 3,106,000 + 2,869,000 = 5,975,000 Total Labor Force = 156,795,000 + 5,975,000 = 162,770,000 Labor force participation rate = labor Force/Noninstutitonal civilian adult population in 2018 times 100 = 162,770,000/258,708,000 times = 62.92 % 2. Unemployment rate = no. of unemployed person/labor force times 100 In 2009, no. of unemployed persons = 15,340,000 Labor Force = 153,721,000 unemployment rate = 15340,000/153,721,000 times 100 = 9.98% In 2018, no. of unemployed persons = 5,975,000 Labor Force = 162,770,000 unemp. rate = 5,975,000/162,770,000 times 100 = 3.67%