tuuited as unemployed The population 99634000 From these da

tuuited as unemployed? The population - 99,634,000. From these data, calculate the labor force participation rate. Show your work. BLS lists the following data for December 1980: civilian noninstitutional ion 168,883,000; civilian labor force 107,352,000; employment 2. From the data in question 2, calculate the unemployment rate. Show your work.

Solution

Ans:

1) Labor force participation rate = labor force / Non institutional population

= 107,352,000 / 168,883,000

= 0.6356 or 63.56%

2) unemployment rate = unemployed / labor force

Labor force = employed + unemployed

unemployed = Labor force - employed

= 107,352,000 - 99,634,000

= 7718000

unemployment rate = 7718000 / 107,352,000

= 0.072 or 7.2%