Question

There are 165 million full-time and voluntary part-time workers, 7 million underemployed workers, and 5 million discouraged workers. The labor force is the sum of those that are employed plus the unemployed. Based on the given info, what is the unemployment rate?

Answer 1

Explanation:

It is given that the labor force is the sum of those that are employed plus the unemployed.

Also it is given that full-time and voluntary part-time workers are 165 million

Unemployed people are 7 million

Discouraged people are 5 million

So the labor force = 165million + 7 million = 172 million

Unemploymenr rate = unemployed workers/ labour force * 100 = 7/172 *100=

0.04069767441 * 100 = 4%