Real-Time Data Analysis Exercise* Calculate the missing values in the table below by using the provided data collected...

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Real-Time Data Analysis Exercise* Calculate the missing values in the table below by using the provided data collected in the

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Answer 1

Answer #1

Unemployment rate = unemployed/labor force*100

Labor force participation rate = labor force/working age population*100

Labor force = unemployed+employed

Let the unemployed be X then,

3.7% = X/(X+157005)*100

3.7X+580918.5 = 100X

X = 580918.5/96.3 = 6032

So, UNemployed people = 6032

Labor force = 6032+157005 = 163037

Labor force participation rate = Labor force/Working age population*100

62.9 = 163037/Working age population*100

Working age population = 163037/62.9*100

= 259200

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Answer 2

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