The Bureau of Labor Statistics reported that in 2007 the total labor force was 1

Question

The Bureau of Labor Statistics reported that in 2007 the total labor force was 153,124 thousand of a possible 231,867 thousand working-age adults. The total number of unemployed was 7,078 thousand. From this information, calculate the following:

a. Labor force participation rate.

    Instructions: Round your answer to 1 decimal place.
  
______ percent.

b. Unemployment rate.
  
    Instructions: Round your answer to 1 decimal place.

______ percent.

c. Employment-population ratio.
   
    Instructions: Round your answer to 1 decimal place.
  
_______ percent.

Explanation / Answer

Total Population 231867 Total Labour force 153124 Total Unemployment 7078 Total Employed (153124-7078) 146046 Req a: labour f orce participation: Total labour force / Total Population *100 153124 /231867 *100 =66.04% Req b: Unemployement rate: Total Unemployment/ Total Labour force *100 7078/153124*100= 4.62% Req c: Employment -Population ratio: Total Employed / Total Population *100 146046 /231867 *100 = 62.99%

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