Chapter 9 Problem 1.7 Fill in the missing values in the following table of data collected...
- Chapter 9 Problem 1.7
Fill in the missing values in the following table of data collected in the household survey for February 2017:
|
Working-Age Population |
|
|
Employment |
152,528,000 |
|
Unemployment |
? |
|
Unemployment Rate |
4.7% |
|
Labor force |
? |
|
Labor force participation rate |
63.0% |
|
Employment-population ratio |
? |
|
Source: U.S. Department of Labor, Bureau of Labor Statistics, The Employment Situation – February 2017, March 10, 2017. |
|
Homework Answers
Unemployment rate = unemployed/(unemployed+employed)
0.047 = Unemployed/(Unemployed+Employed)
0.047 = X/(152528000+X)
0.047*(152528000+X) =X
0.047X+7168816 =X
7168816 = X-0.047X
X = 7168816/0.953 = 7522367.26
a) Unemployed = 7522367
b) Labor force = unemployed+employed 7522367+152528000 = 160050367
Now, since labor force participation rate = 0.63
LFPR = Labor force/Working age population
Let working age population be X
0.63 = 160050367/X
X = 254048202
C) Employment population ratio = Employment/Working age population*100
= 15252800/254048202*100
= 60.04%
Add Answer to:
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Value 19,321,300 Working Age Population Employment Unemployment Unemployment rate Labour force Labour force participation rate Employment-population ratio 9.0% 65.0%
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