Question

In 2016 the Bureau of Labor Statistics reported that there were 71.9 million people over age 25 who had at least a bachelor’s degree. Of these 52.1 million were employed and 1.3 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Answer 1

Answer: a) Labor force participation rate = 72.46%, b) Unemployment rate = 1.8%.

Step-by-step explanation:

Since we have given that

Number of people who have at least a bachelor's degree = 71.9 millions

Number of people who were employed = 52.1 millions

Number of people who were unemployed = 1.3 millions

So, Labor- force participation rate would be

$\dfrac{Employed}{Total}\times 100\\\\=\dfrac{52.1}{71.9}\times 100\\\\=72.46\%$

Unemployment rate for this group would be

$\dfrac{Unemployed}{total}\times 100\\\\=\dfrac{1.3}{71.9}\times 100\\\\=1.8\%$

Hence, a) 72.46%, b) 1.8%.