The Bureau of Labor Statistics reported that in 2006 the total labor force was 1

Question

The Bureau of Labor Statistics reported that in 2006 the total labor force was 151,428 thousand of a possible 228,815 thousand working-age adults. The total number of unemployed was 7,001 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 228815 Total Labour force 151428 Total Unemployed 7001 Total Employed 144427 (151428-7001) Req a: Labor force participation: Total Labour force / Total Population *100 151428 /228815 *100= 66.2% Rreq b: Unemployment rate: Total Unemployed/ Total Labour force *100 7001 / 151428 *100 = 4.6% Req c:; Employment-Population ratio: Total employed/ Total population *100 144427 /228815 *100 = 63.1%

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