Question

The June 2009, at hte trough of the great depression, the Bureau of labor announced that of all the adult Americans, 140,196,000 were employeed, 14,729,000 were unemployed, and 80,729,000 were not in the labot force. what is the:

a. Adult population?

b. The laborforce?

c. The labor-force participation rate?

d. The unemployment rate?

Answer 1

Given that

• Of all the adult Americans, 140,196,000 were employeed, 14,729,000 were unemployed, and 80,729,000 were not in the labot force.

This implies labor force = employed + unemployed = 140,196,000 + 14,729,000 = 154,925,000.

Adult population = In labor force + Not in labor force = 154,925,000 + 80,729,000 = 235,654,000

LFPR = Labor force / Adult population = 154,925,000/235,654,000 = 65.74%

Unemployment rate = Unemployed / Labor force = 14,729,000/154,925,000 = 9.507%

Hence we have

a. Adult population = 235,654,000

b. The laborforce = 154,925,000

c. The labor-force participation rate = 65.74%

d. The unemployment rate = 9.51%.