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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