Question

Find the working-age population, labor force, number of employed workers, and number of unemployed workers.

Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect: Unemployment rate | 56% | Participation rate 62.5% Not in the labor force61.5 million Find the working-age population, the labor force, the number of employed workers, and the number of unemployed workers. Instructions: Enter your responses rounded to one decimal place. Working-age population:匚コmillion Labor force: million Number of employed workers: million Number of unemployed workers: million

Answer 1

Not in the labor force/Working age population = 1 - Labor force participation rate
61.5 million/Working age population = 1 - .625
Working age population = 61.5 million/.375
Working age population = 164 million.
Labor force participation rate = Labor force/Working age population
.625 = Labor force/164 million
Labor force = (.625*164million)
Labor force = 102.5 million.
Unemployment rate = 5.6%
Number of unemployed workers = .056*(102.5million)
Number of unemployed workers = 5.74 million.
Number of employed workers = Labor force - number of unemployed workers.
Number of employed workers = 102.5 million - 5.74 million.
Number of employed workers = 96.76 million.
Working-age population = 164.0 million.
Labor force = 102.5 million.
Number of employed workers = 96.8 million.
Number of unemployed workers = 5.7 million.