According to BLS news release, in December 2019 the unemployment rate and the labor force participation...
According to BLS news release, in December 2019 the unemployment rate and the labor force participation rate were 3.5% and 63.2 respectively. What would be the unemployment rate if the participation rate were 66%?
Homework Answers
Let the population be x
In case participation rate is 63.2%,
Labor force=LF=x*63.2%=0.632x
Number of unemployed persons=LF*Unemployment rate=0.632x*3.5%=0.02212x
In case participation rate is 66%
Labor force=LF=x*66%=0.66x
Unemployment rate=Number of unemployed persons/LF=0.02212x/0.66x=3.35%
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