honon: Attempt 1 Suppose that the working-age population in Fayette, Iowa falls

Question

honon: Attempt 1 Suppose that the working-age population in Fayette, Iowa falls into the following categories: Number of Category People 100 50 2 are retired or homemakers ent have part-time employment 20 20 10 5 do not have employment, but are actively searching for employment would like employment, but do not have employment and are not actively The official (civilian U3) unemployment rate as calculated by the U .S. Bureau of Labor would equal (20/90) x 100 uestion 1 Saved Type here to search 5 6 3

Explanation / Answer

Employed = Have full-time employment + Have part-time employment

Employed = 50 + 20

Employed = 70

Total number of employed persons is 70 persons

Unemployed = Do not have employment, but are actively searching for employment

Unemployed = 20

Total number of unemployed persons is 20 persons.

Labor force = Employed + Unemployed = 70 + 20 = 90

Calculate the official (civilian U3) unemployment rate -

Official unemployment rate = (Unemployed/Labor force) * 100

Official unemployment rate = (20/90) * 100

Official unemployment rate = 22.22%

The official unemployment rate is 22.22 percent.

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