Question

Calculate the missing values in the table below by using the provided data collected in the...

Calculate the missing values in the table below by using the provided data collected in the household survey for

November 2018.

​(Enter your responses as whole​ numbers.)

Category

Value

​Working-age population**

?

​Employed**

156,803

​Unemployed**

?

Unemployment rate

3.7​%

Labor​ force**

?

Labor force participation rate

62.9​%

​** Numbers in thousands

​*Real-time data provided by Federal Reserve Economic Data​ (FRED), Federal Reserve Bank of Saint Louis

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Homework Answers

Answer #1

Unemployment rate = (Unemployed/ Labor force) 100

Labor force = Unemployed +Employed

Unemployment rate = [(Labor force-Employed)/Labor force]100

3.7 = [(Labor force - 156803)/ Labor force]100

0.037 Labor force = Labor force - 156803

0.963 Labor force = 156803

Labor force = 162827.62

Unemployed = Labor force - Employed

= (162827.62- 156803)= 6024.62

Labor force participation rate = (Labor force/ Working age population)100

62.9 = (162827.62/ Working age )100

Working age = (162827.62/ 0.629) = 258867.44

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