The following table shows the annual average data on the employment status of th

Question

The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2014 Employed (Thousands of People) Age 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over Total 4,548 13,894 95,497 24,395 7,971 146,305 Unemployed (Thousands of People) 1,106 1,747 5,270 1,107 387 9,617 Not in Labor Force (Thousands of People) 10,979 6,438 23,744 14,262 36,602 92,025 Source: "Labor Force Statistics from the Current Population Survey."Bureau of Labor Statistics. What is the national unemployment rate? O 3.9% 0 6.2% 10.5% O 59.0%

Explanation / Answer

Question 1). Answer :- Option B). 6.2 %

Explanation :- Labor force = Total employed + Total unemployed.

= 146305 + 9617

= 155922

National unemloyment rate = (Total unemployed / Labor force) * 100

= (9617 / 155922) * 100

= 0.062 (approx) * 100

= 6.2 % (Option B).

Question 2). Answer :- Option i). 16 to 19 Years.

Option ii). 20 to 24 Years.

Explanation :-

Unemployment rate of 16 to 19 years age group people is 19.6 % and Unemployment rate of 20 to 24 years age group people is 11.2 %. Accordingly, 16 to 19 years age group people and 20 to 24 years age group people have higher unemployment rate than the national unemployment rate of 6.2 %.

Age Unemployed Labor force (Employed + Unemployed) Unemployment rate (Age group wise) 16 to 19 Years 1106 5654 (4548 + 1106) 19.6 % (1106 * 100 / 5654) 20 to 24 Years 1747 15641 (13894 + 1747) 11.2 % (1747 * 100 / 15641) 25 to 54 Years 5270 100767 (95497 + 5270) 5.2 % (5270 * 100 / 100767) 55 to 64 Years 1107 25502 (24395 + 1107) 4.3 % (1107 * 100 / 25502) 65 Years and over 387 8358 (7971 + 387) 4.6 % (387 * 100 / 8358)

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