Use the data in the figure to analyze the change in employment and unemployment

Question

Use the data in the figure to analyze the change in employment and unemployment situation in this country along a year. For that think about:

-How many people become unemployed?

-How many become employed?

-How many leave the labor force?

-By how much has the unemployment rate have increase/decrease? And the participation rate in the labor market?

Please, write down your answer in a paragraph using data to support your arguments.

Explanation / Answer

Earlier numbers of people who were employed was 14761. Then 1.1% of 14761 that is 162.371 people became unemployed. On other hand, 27.8% of 691 (unemployed) that is 192 became employed. in addition, 3.1%of 14761that is 457.591 get out of labor force. lastly 7.1% of 8106 that is 575.526 became employed. Thus after changes total numbers of employed are

14761+192+575.526-162.371-457.591=14908.564

Hence number of people became employed =14908-14761=147

Now earlier no of people unemployed was691.then 1.1% of employed that is 162 became unemployed. and 27.8% that id 191 became employed and 22% of unemployed that is 152 became out of labor force and lastly 3.2% of non labor force became labor force and unemployed which is 259 became unemployed.

Hence now number of unemployed=691+162+259-191-152 = 769.

thus number of people who became unemployed after change=769-691=78.

Number of people leave labor force =152+457=609.

earlier unemployment rate = unemployed/labor force =691/(14761+691) =4.47%

now unemployment rate = 769/(769+14908) = 3.92%

hence unemployment rate decreases by 0.55%

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