Question

Problems and applications q1 in 2014, the bureau of labor statistics (bls) announced that of all adult americans, 146,305,000 were employed, 9,617,000 were unemployed, and 92,025,000 were not in the labor force. what is the adult population? 9,617,000 155,922,000 247,947,000 146,305,000 the size of the labor force is , and the labor force participation rate is . what is the unemployment rate? 6.2% 59.0% 3.9% 6.6%

Answer 1

Adult population = 247,947,000 Labor force size = 155,922,000 Labor force participation = 93.8% Unemployment rate = 6.2% The adult population is the sum of employed, unemployed, and not in the labor force. So 146,305,000 + 9,617,000 + 92,025,000 = 247,947,000 The size of the labor force is the sum of those who are employed and unemployed. So 146,305,000 + 9,617,000 = 155,922,000 The labor force participation rate is the percentage of the labor force that's employed. So 146,305,000 / 155,922,000 = 0.938321725 = 93.8% The unemployment rate is the percentage of the labor force that's unemployed. So 9,617,000 / 155,922,000 = 0.061678275 = 6.2%