Question

Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect: Unemployment rate 5.9% Participation rate 62.5% Not in the labor force 63 million Find the working-age population, the labor force, the number of employed workers, and the number of unemployed workers.

Answer 1

Step-by-step explanation:

The unemployment rate is 5.9%.

The participation rate is 62.5%.

63 million people are not in the labor force.

Now,

Working age population

= labor force + not in labor force

= labor force + 63 million

and,

Participation rate =
`(labor\ force)/(working\ age\ population)\ *\ 100`

62.5% =
`(labor\ force)/(labor\ force\ +\ 63\ million)\ *\ 100`

Labor force = 105 million

and,

Working age population

= labor force + not in labor force

= 105 million + 63 million

= 168 million

now,

Unemployment rate =
`(Number\ of\ people\ unemployed)/(Total\ labor\ force)\ *\ 100`

5.9% =
`(Number\ of\ people\ unemployed)/(105 million)\ *\ 100`

Number of people unemployed = 6.195 million

now,

Labor force = Number of employed people + number of unemployed people

105 million = Number of employed people + 6.195 million

Number of employed people = 105 million - 6.195 million

Number of employed people = 98.105 million