Suppose the civilian non institutionalized working age population is 35.9 millio

Question

Suppose the civilian non institutionalized working age population is 35.9 million in Laborland, 4.4 million are working part time, and 13.19 million are working full time. Laborland used the Bureau of Labor Statistics(BLS) definition for unemployment data. Among those not working, the most recent job search activity for 3.40 million happened less than two weeks ago, while 1.72 million most recently looked for work between two and four weeks ago. An additional 0.866 million most recently looked for work two weeks ago, and the remaining 12.33 million who don't have jobs have not looked for work in the past six weeks. Round your answers to two decimal places. What is Laborland's total labor force? What is Laborland's labor force participation rate? How many people are unemployed in Laborland? What is Laborland's unemployment rate?

Explanation / Answer

the part time workers are= 4.4

full time workers are= 13.19

total workforce = 13.19+4.4= 17.59 millions

its participation rate= 17.59/ 35.9= 48.99%

the unemployed people are= 35.9-17.59= 18.31 millions

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