The table shows the data reported by the Bureau of Labor Statistics in 2009 Calc

Question

The table shows the data reported by the Bureau of Labor Statistics in 2009 Calculate the labor force, employment, and the unemployment rate The labor force is million Labor Market Data Labor force participation rate Working-age population Employment-to-population ratio 65.4 percent 236 million 59.3 percent >>Answer with a whole number Employment ismillion >>Answer with a whole number The unemployment rate is percent. Answer to 1 decimal place The table gives information reported by the Bureau of Labor Statistics for 2009 Item Labor force Employment Working-age population Answer to 1 decimal place 154,142,000 139,877,000 235,801,000 The labor force participation rate is percent. The table gives information about the U.S. labor maket in 2009 Labor Market Data Working-age population Labor force Unemployed 235.8 million 154.1 million 14.3 million Answer to 1 decimal place The unemployment rate is percent.

Explanation / Answer

(Data Set 1)

Labor force (Million) = Working age population x Labor force participation rate = 236 x 65.4% = 154

Employment (Million) = Working age population x Employment-Population ratio = 236 x 59.3% = 140

Unemployment rate = (Labor force - Employment) / Labor force = (154 - 140) / 154 = 14 / 154 = 0.091 = 9.1%

(Data Set 2)

Labor force participation rate = Labot force / Working age population = 154,142,000 / 235,801,000 = 0.654 = 65.4%

(Data Set 3)

Unemployment rate = Unemployed / Labor force = 14.3 million / 154.1 million = 0.093 = 9.3%

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