Question

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

Total Population: 280,270,378

Homemakers: 18,874,567

Retired: 24,687,155

Labor Force: 225,314,672

Under the Age of 16: 30,799,600

Discouraged Workers: 9,678,228

Unemployed: 31,482,365

Underemployed: 5,977,312

Answer 1

The given information is

Total Population: 280,270,378

Homemakers: 18,874,567

Retired: 24,687,155

Labor Force: 225,314,672

Under the Age of 16: 30,799,600

Discouraged Workers: 9,678,228

Unemployed: 31,482,365

Underemployed: 5,977,312

The unemployment rate= (The number of unemployed/ labor force)*100

=(31,482,365/225,314,672)*100

=13.97%

b.

Labor force=unemployed +employed

employed= 225,314,672-31,482,365

=193,832,307

The employment rate= (The number of employed/ labor force)*100

=(193,832,307/225,314,672)*100

=86.02%

c.

Labor force participation rate= ( labor force/ total population)*100

=(225,314,672/280,270,378)*100

=80.39%