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See the example from Table 8.1. Calculate the new labor force participation rate and unemployment rate...

See the example from Table 8.1. Calculate the new labor force participation rate and unemployment rate if 700,000 people stopped seeking work.

Total adult population over the age of 16 249.9 million
In the labor force 157 million (62.8%)
Employed 148.3 million
Unemployed 8.7 million
Out of the labor force 92.9 million (37.2%)
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Answer #1

Ans. Labor Force Participation Rate = ( Labor Force ÷ Total Population over 16yrs age ) × 100

= ( 156.3 ÷ 249.9 ) × 100

= 62.5%

Unemployment Rate = Unemployed Population ÷ Labor Force

= 8 million ÷ 156.3 million × 100

= 5.1%

Best of Luck !! !!

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