Calculate the unemployment rate and participation rate for the following example: Employed: 190,000 Looking for work:...

Question

Question

Calculate the unemployment rate and participation rate for the following example:

Employed: 190,000

Looking for work: 10,000

Not looking for work 70,000

business economics

Answer 1

Answer #1

a) Unemployment rate = Number of unemployed / labor force.

= 10,000 / 200,000. (people not looking for work are not considered as part of the labor force).

= 5%.

b) Participation rate = number of employed / total population.

190,000 / 270,000 = 70.37%.

Answer 2

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