Question

In: Economics

The following data show the U.S. adult population by group in May 2009i. Number employed = 140.57 millionii.

The following data show the U.S. adult population by group in May 2009i. Number employed = 140.57 millionii. Number unemployed = 14.51 millioniii. Adult population = 235.45 millionUse the above data to calculate (20 points)a. the labor force b. the number of people not in the labor force c. the labor force participation rate d. the unemployment rate

Solutions

Expert Solution

i. Number of employed = 140.57 million

ii. Number unemployed = 14.51 million

iii. Adult population = 235.45 million

a)

Labor Force

= Employed + Unemployed

= 140.57 million + 14.57 million

= 155.08 million

b)

Number of people not in the labor force = Adult population - Labor force

= 235.45 million - 155.08 million

= 80.37 million

c)

Labor force participation rate

=

  

= 65.87%

d)

Unemployement rate

  

= 9.36%

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Rahul Sunny answered 2 years ago
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