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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