Consider the following data for the United States for January of 2023
:
Total Population
334.484 thousand
Adult, noninstitutionalized, nonmilitary population= 265.962 thousand
Unemployed adults= 5.694 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.
Part 2
a.
If the labor force participation rate is62.4%,
calculate the size of the labor force
:
thousand. (Enter yo
ur answer rounded to the nearest whole number)
The size of the labor force would be 165.907 thousand. (62.4% of 265.962 thousand)
I got a different answer when I multiple .624*265.962= 165.960
You are correct. The correct calculation for the labor force using the given information would be 165.960 thousand (rounded to the nearest whole number). Thank you for bringing that to my attention.
b.
The number of employed adults is----thousand. (Enter your response rounded to the nearest whole nmber.)
If the number of unemployed adults is 5.694 thousand and the labor force is 165.960 thousand, we can calculate the number of employed adults as follows:
Employed adults = Labor force - Unemployed adults
Employed adults = 165.960 - 5.694
Employed adults = 160.266 thousand
Therefore, the number of employed adults is 160 thousand (rounded to the nearest whole number).
To calculate the size of the labor force, we can use the labor force participation rate. The labor force participation rate is the percentage of the adult, noninstitutionalized, nonmilitary population that is either employed or actively seeking employment.
Given that the labor force participation rate is 62.4%, and the adult, noninstitutionalized, nonmilitary population is 265.962 thousand, we can calculate the size of the labor force using the following formula:
Labor force = Labor force participation rate * Adult, noninstitutionalized, nonmilitary population
Labor force = 0.624 * 265.962 thousand
Labor force = 165.936 thousand
Therefore, the size of the labor force is 165.936 thousand.
To calculate the size of the labor force, we need to first understand the formula for the labor force participation rate:
Labor Force Participation Rate = (Labor Force / Adult, noninstitutionalized, nonmilitary population) × 100
Given that the labor force participation rate is 62.4%, we can rearrange the formula to solve for the labor force:
Labor Force = (Labor Force Participation Rate / 100) × Adult, noninstitutionalized, nonmilitary population
Substituting in the given values:
Labor Force = (62.4 / 100) × 265.962 thousand
Calculating this, we get:
Labor Force ≈ 165.791 thousand
Therefore, the size of the labor force is approximately 165,791 thousand.