Question 4. Labor Force Participation Rate and Unemployment Rate (15 points in t

Question

Question 4. Labor Force Participation Rate and Unemployment Rate (15 points in total) The following data comef complete this table by calculating adult population, the number of unemployed persons, labor force articipation rate and unemployment rate for September 2017 and October 2017, respectively. Please also calculate the changes in each variable from September 2017 to October 2017. (Hint: Adult population Not in labor force+Labor force, Labor force-Employed+Unemployed) Sep-17 Oct-17 Change 94417 95385 161146 160381 Not in labor force Labor force Adult population Employed Unemployed Labor force participation rate Unemployment rate 154345 153861

Explanation / Answer

Labor force participation rate = (labor force/Adult population)*100

=(161,146/255,563)*100

=63.05%

  

Labor force participation rate = (labor force/Adult population)*100

=(160381/255766)*100

=62.70%

Unemployment rate=( Unemployed / labor force)*100

= (6520/160381)*100

=4.06%

Unemployment rate=( Unemployed / labor force)*100

= (6801/161,146)*100

=4.22%

Labor force = employed + unemployed

Adult population = not in the labor force + labor force

Sep17 Oct 17 Change Not in labor force 94,417 95,385 95,385 -94,417=968 Labor force 161,146 160381 160381- 161,146=-765 Adult population 94,417+161,146=255,563 95,385+160381=255766 255766-255,563=203 Employed 154,345 153,861 154,345-153,861=484 Unemployed 161,146 -154,345=6801 160381-153,861=6520 6801-6520=281 Labor force participation rate 63.05% 62.70% 63.05%-62.70%=0.35% Unemployment rate 4.22% 4.06% 4.22%+4.06%=0.16%

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