QUESTION 1 The Bureau of Labor Statistics reported the following information in

Question

QUESTION 1 The Bureau of Labor Statistics reported the following information in May 2015 Quantity (in thousands of people) Statistic Working Age Population Employment Unemployment 250,455 148,795 8,674 What is the unemployment rate in the US in May 2015? (answer to one decimal place) QUESTION 2 The Bureau of Labor Statistics reported the following information in May 2015: Quantity (in thousnds of people) 250,455 148,795 8,674 Working Age Population Employment Unemployment What is the labor force participation rate in the US in May 2015? (answer to one decimal place)

Explanation / Answer

Question 1

Calculate the labor force -

Labor force = Employment + unemployment

Labor force = 148,795 + 8,674 = 157,469

Calculate the unemployment rate -

Unemployment rate = (Unemployment/Labor force) * 100

Unemployment rate = (8.674/157,469) * 100 = 5.5%

Thus,

The unemployment rate in the US in May 2015 is 5.5%.

Question 2

Calculate the labor force -

Labor force = Employment + unemployment

Labor force = 148,795 + 8,674 = 157,469

Calculate the labor force participation rate -

Labor force participation rate = [Labor force/Working age population] * 100

Labor force participation rate = [157,469/250,455] * 100 = 62.9%

Thus,

The labor force participation rate in the US in May 2015 is 62.9%.

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