Question

Please calculate the unemployment rate, the employment rate, and the labor force participation rate given the following information. Please round to 2 decimal places.

Total Population: 615,270,378

Homemakers: 90,874,567

Retired: 57,687,155

Labor Force: 380,314,672

Under the Age of 16: 68,322,654

Discouraged Workers: 37,678,228

Unemployed: 12,482,365

Underemployed: 46,977,312

Answer 1

1. Unemployment rate: unemployment rate is the percentage of labour force that is unemployed the formula for calculating unemployment rate is

= Unemployed / Labour force * 100 = 3.28

2. Employment rate: employment rate is the percentage of labour force that is employed to calculate the employment rate we need to estimate the employed worker is

Employed =

Employment rate is the percentage of labour force employed

= employed / Labour force * 100 = 96.72

3. the labor force participation : for estimating labour force participation we need to estimate the total adult population, which includes employed, unemployed and not in the labour force as per the information provided in the problem = total population - Under the Age of 16 = 5469,47,724

labor force participation rate is = (labour force / total adult population)*100 = 69.53