1. For April 2015, the Bureau of Labor Statistics (BLS) estimates that the numbe
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Question
1. For April 2015, the Bureau of Labor Statistics (BLS) estimates that the number of employed workers in the US was 148,523,000. The total number of workers who were not employed but were actively seeking work or waiting to be recalled from layoff was 8,549,000. The total number of workers who were not employed and were neither looking for work nor waiting to be recalled from layoff was 93,194,000.
a. Calculate the number of workers in the labor force and the adult working population.
b. Calculate the labor force participation rate and the unemployment rate.
c. Figure 2.1 in the lecture slides gives the same data, but for April 2013. Calculate the percentage change in the number of unemployed workers, the percentage change in the number of workers in the labor force, and the percentage change in the adult working population between April 2013 and April 2015.
d. Has the labor market improved between April 2013 and April 2015? Has it clearly improved, or is there a chance that it has not actually improved? Justify your answer. (Hint: Compare the labor force participation rate and the unemployment rate for April 2013 and April 2015).
Explanation / Answer
a.
Number of workers in the labor force = No. of employed labor + No. of Unemployed labor
Number of workers in the labor force =148,523,000 + 8,549,000
Number of workers in the labor force = 157,072,000
Adult working population = No. of employed labor + No. of Unemployed labor + No. of workers not willing to be employed
Adult working population = 148,523,000 + 8,549,000 + 93,194,000 = 250,266,000
b.
Labor force participation rate (%) = (Labor force * 100/ Adult working population)
Labor force participation rate (%) = 157,072,000 * 100 / 250,266,000
Labor force participation rate (%) = 62.762%
Unemployment rate (%) = (No. of Unemployed worker * 100 / Labor force)
Unemployment rate (%) = 8,549,000 * 100/157,072,000
Unemployment rate (%) = 5.442 %
C & D
Data table is not given in the question.
Pl. upload the data table of your lecture slide (As stated in the question) so that comparative analysis is done and proper answer is given for problem C & D.
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