28-1. In June 2009, at the trough of the Great Recession, the Bureau of Labor St

Question

28-1. In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 140,196,000 were employed, 14,729,000 were unemployed, and S0,729,000 were not in the labor force. Use this information to calculate: When answering the questions I have left enough rows for all possible numbers plus a space and a row for the total or rate. Not all rows are used for each question. The blue rows are your responsilbility a. the adult population Item Number Total b. the labor force Item Number Total c. the labor-force participation rate- show me the detail to the rate Item Number Rate d. the unemployment rate Item Number Rate

Explanation / Answer

a)The adult population includes the total number of people who are eligible of working or has retired.

So the adult population is 140196000 + 14729000 + 80729000 = 235,654,000.

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b) The labour force consists of the people who are currently employed or unemployed but actively seeking for a job.

The labour force is = 140196000 + 14729000 = 154,925,000.

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c) The labour force participation rate =

(Total number of persons in the labour force / Total adult Population)*100

The labour force participation rate = (154,925,000 / 235,654,000) * 100 = 65.74%

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d) Unemployment rate = (Total Unemployed / Labour Force) * 100

Unemployment rate = (14729000 / 154,925,000) * 100 = 9.51%.

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