Q4. Suppose the labour for participation rates in three consecutive years are 65.6%, 66.0% and 66.9%,...
Q4. Suppose the labour for participation rates in three consecutive years are 65.6%, 66.0% and 66.9%, and the unemployment rates are 7.5%, 6.8%, and 7.3%. Calculate the corresponding employment rates for the three years.
Homework Answers
Employment rate for any year = employment / working age population
Now we know that LFPR = Labor force / working age population and
employment = labor force - unemployment
Now we have Employed workers rate for three years are 100 - 7.5, 100 - 6.8, 100 - 7.3 or 92.5%, 93.2% and 92.7%
Employment rate = % of workers employed out of labor force * LFPR
Employment rates are 92.5%*65.6%, 93.2%*66.0%, 92.7%*66.9% or 60.68%, 61.51%, and 62.02%
Hence, employment rates for the three years are 60.68%, 61.51%, and 62.02%
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