Ellen is downloading labor market data for the most recent month, but her connec

Question

Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect: Unemployment rate 5.80% 62.50% 62.5 million Participation rate Not in the labor force Find the labor force, the working-age population, the number of employed workers, and the number of unemployed worker. Instructions: Round your responses to one decimal place. Labor force: million. million Working-age population: Number of employed workers: Number of unemployed workers: million. million.

Explanation / Answer

Answer.)

a.) Labor force =

( Not in the labor force)/(100-participation rate)

= 62.5 million / (100-62.5)

= 166.67 million.

b.) Working age population = 166.67 - 62.5 = 104.17 million

c.) Number of employed workers

=[ 166.67 × (100-5.8)/100 ]

=[ 166.67 × 94.2/100]

= 157 million

d.) Number of unemployed workers

= [166.67 - 157]

= 9.67 million

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