Consider the following data for the United States for March of 2023
:
Total Population=334.691 thousand
Adult, noninstitutionalized, nonmilitary population=266 .272 thousand
Unemployed adults=5.839 thousand
Using the information provided above, complete the questions below.
*Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.
a.
If the labor force participation rate is 62.6%,
calculate the size of the labor force
The labor force participation rate is the percentage of the adult, noninstitutionalized, nonmilitary population that is either employed or actively seeking employment.
To calculate the size of the labor force, we can use the following formula:
Labor force = Adult, noninstitutionalized, nonmilitary population x Labor force participation rate
Labor force = 266.272 thousand x 0.626
Labor force = 166.805672 thousand
Therefore, the size of the labor force is approximately 166,806 thousand.
b.
The number of employed adults is enter your response here
thousand. (Enter your response rounded to the nearest whole nmber.)
To calculate the number of employed adults, we can use the following formula:
Employed adults = Labor force - Unemployed adults
Employed adults = 166.805672 thousand - 5.839 thousand
Employed adults = 160.966672 thousand
Therefore, the number of employed adults is approximately 161 thousand (rounded to the nearest whole number).
c.
The unemployment rate is enter your response here
%.
(Enter your response as a percentage rounded
to two decimal places.)
To calculate the unemployment rate, we can use the following formula:
Unemployment rate = (Unemployed adults / Labor force) x 100
Unemployment rate = (5.839 thousand / 166.805672 thousand) x 100
Unemployment rate = 3.5%
Therefore, the unemployment rate is 3.5% (rounded to two decimal places).
To calculate the size of the labor force, we can use the labor force participation rate formula:
Labor Force Participation Rate = (Labor Force / Adult, noninstitutionalized, nonmilitary population) * 100
Given that the labor force participation rate is 62.6%, and the Adult, noninstitutionalized, nonmilitary population is 266.272 thousand, we can rearrange the formula to solve for the labor force:
Labor Force = (Labor Force Participation Rate / 100) * Adult, noninstitutionalized, nonmilitary population
Labor Force = (62.6 / 100) * 266.272 thousand
Labor Force = 0.626 * 266.272 thousand
Labor Force = 166.808 thousand
Therefore, the size of the labor force is approximately 166,808.
To calculate the size of the labor force, we can use the formula:
Labor Force = Labor Force Participation Rate * Adult, noninstitutionalized, nonmilitary population
Given that the labor force participation rate is 62.6% and the adult, noninstitutionalized, nonmilitary population is 266.272 thousand, we can plug in the values into the formula:
Labor Force = 0.626 * 266.272
Calculating this, we find:
Labor Force ≈ 166.839 million