Question

In: Economics

2019 Labor Data for Sparta Number of adults 20,000 Number of adults who are paid employees...

2019 Labor Data for Sparta

Number of adults 20,000
Number of adults who are paid employees 9,900
Number of adults who work in their own businesses 1,000
Number of adults who are on vacation from their jobs 100
Number of adults who were temporarily absent from their jobs because of an earthquake 300
Number of adults who were waiting to be recalled to a job from which they had been laid off 200
Number of adults who do not have a job, are available for work, and have tried to find a job within the past four weeks 1,000
Number of adults who do not have a job, are available for work, but have not tried to find a job within the past four weeks 700
Number of adults who are full-time students who don't want to wokr 3,000
Number of adults who are retired 3,500

What is the current labor force participation rate rounded to the nearest tenth of a percent?

Solutions

Expert Solution

Labor force = 9,900 + 1,000 + 100 + 300 + 200 + 1,000 = 12,500

Current labor force participation rate = (Labor force / Number of adults) * 100

                                                          = (12,500 / 20,000) * 100

                                                          = 62.5%

Note: Number of adults who do not have a job, are available for work, but have not tried to find a job within the past four weeks is not included in labor force.


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