See the example from Table 8.1. Calculate the new labor force participation rate and unemployment rate...
See the example from Table 8.1. Calculate the new labor force participation rate and unemployment rate if 700,000 people stopped seeking work.
| Total adult population over the age of 16 | 249.9 million |
| In the labor force | 157 million (62.8%) |
| Employed | 148.3 million |
| Unemployed | 8.7 million |
| Out of the labor force | 92.9 million (37.2%) |
Homework Answers
Ans. Labor Force Participation Rate = ( Labor Force ÷ Total Population over 16yrs age ) × 100
= ( 156.3 ÷ 249.9 ) × 100
= 62.5%
Unemployment Rate = Unemployed Population ÷ Labor Force
= 8 million ÷ 156.3 million × 100
= 5.1%
Best of Luck !! !!
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