Real-Time Data Analysis Exercise* The table and graph provide information about

Question

Real-Time Data Analysis Exercise* The table and graph provide information about the U.S. labor market in August, 2018. In August, 2018 the U.S. unemployment rate including all marginally attached workers was Labor market variable Civilian population over 16 Employment Unemployment Discouraged workers Other marginally attached workers In August, 2018 (thousands) 258,066 155,542 6,234 3.8 percent. Answer to 1 decimal place 416 1,021 Unemployed Discouraged workers Other marginally attached workers 1.44 2.88 4.32 5.76 7.2 millions of persons) The U.S. Labor Market in August, 2018 Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis

Explanation / Answer

Answer: 4.46%

Explanation:

The formula for calculating unemployment rate is;

Unemployment Rate= Unemployed / (employed+unemployed)

Here,

Labour Force = 155,542

Number of Unemployed Person= Unemployed +Other Marginally Attached Workers.

= 6234 + 1021 = 7255.

Unemployment Rate= 7255 / (155,542+7255) = 0.04456470328

To convert the value into percentage multiply it with 100.

Therefore, Unemployment Rate = 4.46%.

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