High School

The BLS reported the following data:

Labor force: 177.7 million

Unemployment: 38.1 million

Working-age population: 233.7 million

Calculate the

a) Employment rate. (1 point)

b) Labor force participatio

Answer :

a) The employment rate is approximately 59.74%.

b) The labor force participation rate is approximately 76.03%.

  • a) The employment rate is the percentage of the working-age population that is employed. It is calculated by dividing the number of employed individuals by the working-age population and then multiplying by 100 to express it as a percentage.
  • Employment Rate = (Number of Employed / Working-Age Population) * 100
  • Given the data:
  • Number of Employed = Labor Force - Unemployment = 177.7 million - 38.1 million = 139.6 million
  • Working-Age Population = 233.7 million
  • Substituting these values into the formula:
  • Employment Rate = (139.6 million / 233.7 million) * 100 ≈ 59.74%
  • b) The labor force participation rate is the percentage of the working-age population that is either employed or actively seeking employment. It is calculated by dividing the labor force by the working-age population and then multiplying by 100 to express it as a percentage.
  • Labor Force Participation Rate = (Labor Force / Working-Age Population) * 100
  • Given the data:
  • Labor Force = 177.7 million
  • Working-Age Population = 233.7 million
  • Substituting these values into the formula:
  • Labor Force Participation Rate = (177.7 million / 233.7 million) * 100 ≈ 76.03%

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Final answer:

The employment rate is 59.7% and the labor force participation is 92.4%.

Explanation:

To calculate the employment rate, we divide the number of employed individuals by the working-age population and multiply by 100.

Employment Rate = (Number of Employed / Working-Age Population) * 100

Using the given data:

  • Number of Employed = 177.7 million - 38.1 million = 139.6 million
  • Working-Age Population = 233.7 million

Employment Rate = (139.6 million / 233.7 million) * 100 = 59.7%

To calculate the labor force participation, we divide the labor force (sum of employed and unemployed individuals) by the working-age population and multiply by 100.

Labor Force Participation = (Labor Force / Working-Age Population) * 100

Using the given data:

  • Labor Force = Number of Employed + Number of Unemployed = 177.7 million + 38.1 million = 215.8 million

Labor Force Participation = (215.8 million / 233.7 million) * 100 = 92.4%

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