Ellen is downloading labor market data for the most recent m

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 5.80% 62.50% 62.5 million Participation rate Not in the labor force Find the labor force, the working-age population, the number of employed workers, and the number of unemployed worker. Instructions: Round your responses to one decimal place. Labor force: million. million Working-age population: Number of employed workers: Number of unemployed workers: million. million.

Solution

Answer.)

a.) Labor force =

( Not in the labor force)/(100-participation rate)

= 62.5 million / (100-62.5)

= 166.67 million.

b.) Working age population = 166.67 - 62.5 = 104.17 million

c.) Number of employed workers

=[ 166.67 × (100-5.8)/100 ]

=[ 166.67 × 94.2/100]

= 157 million

d.) Number of unemployed workers

= [166.67 - 157]

= 9.67 million