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In 2012, the Bureau of Labor Statistics (BLS) announced that of all adult Americans, 142,496,000 were...

In 2012, the Bureau of Labor Statistics (BLS) announced that of all adult Americans, 142,496,000 were employed, 12,506,000 were unemployed, and 88,310,000 were not in the labor force. What is the adult population? 12,506,000 243,312,000 155,002,000 142,496,000 The size of the labor force is _______, and the labor force participation rate is ______ . What is the unemployment rate? 8.1% 5.1% 57.0% 8.8%

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Answer #1

Ans. 1. b) 243,312,000

total adult population= Employed+Unemployed+ Not in labor force

= 142,496,000+12,506,000+88,310,000

= 243,312,000

Ans.2. The size of the labor force = Employed + Unemployed

= 142,496,000+ 12,506,000

= 155,002,000

Ans. 3. Labor force participation rate = Labor force / adult population X 100

= 155,002,000/243,312,000 X 100

= 63.705 %

Ans.4. a) 8.1 %

Unemployment rate = Unemeployed / labor force X 100

= 12,506,000/ 155,002,000 X100

= 8.06 % or 8.1% (approx)

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