Question

In January 2019, • labor force participation in the United States was 62.3%. • official unemployment was 4.1%. • the proportion of short-term unemployment (14 weeks or less) in that month on average was 68.9%. • moderately long-term unemployment (15-26 weeks) was 12.7%. • very long-term unemployment (27 weeks or longer) was 18.4%. Based on these statistics, what proportion of the labor force was unemployed very long term in January 2019, to the nearest tenth of a percent?

Answer 1

Answer:

0.8

Explanation:

Proportion to labor force unemployed very long term = Unemployment rate * Very long unemployment

Official unemployment = 4.1%

Very long-term unemployment (27 weeks or longer) was 18.4%.

Proportion to labor force unemployed very long term = 4.1 * 18.4% =  4.1 * 0.184 = 0.7544 ≅ 0.8

So, based on these statistics, the proportion of the labor force for unemployed very long term in January 2019 is 0.8