|
Category
|
Number
of people (millions)
|
|
Total population
|
246
|
|
Working-age population
|
207
|
|
Labor force
|
139
|
|
Employed
|
133
|
|
Unemployed
|
6
|
Based on the information in the above table, what is the
unemployment rate? What is the labor force participation rate?
#Parkin #11edition #Unemployment #CPI
#Inflation #Chapter22
Answer: The unemployment rate equals (6 million unemployed) ÷ (139 million labor force) × 100 = 4.3 percent. The labor force participation rate equals (139 million labor force) ÷(207 million working-age population) × 100 = 67.1 percent.
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