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

Ans:

Adult population = Not in labor force + labor force

Labor force = Employed + Unemployed

Unemployed = Labor force - Employed

Labor force participation rate = Labor force / Adult population

Unemploment rate = Unemployed / Labor force

Table( Unit in thousand persons)

Labor force participation rate = Labor force / Adult population

Sep 17 = 161146 / 255563

= 63%

Oct 17 = 160381 /255766

= 62.7%

Unemploment rate = Unemployed / Labor force

Sep 17 = 6801 / 161146

= 4.22%  

Oct 17 = 6520 / 160381

= 4.06%

Particulars Sep-17 Oct-17 Change Not in labor force 94417 95385 968 Labor force 161146 160381 -765 Adult population 255563 255766 203 Employed 154345 153861 -484 Unemployed (Labor force - Employed) 6801 6520 -281 Labor force participation rate 63% 62.7% -0.3% Unemployment rate 4.22% 4.06% -0.16%

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