Consider the following data
Adult, noninstitutionalized, nonmilitary population
264,844 thousand
Employed adults
159,244 thousand
Unemployed adults
5,722 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. The unemployment rate is %.
(Enter your response as a percentage rounded
to two decimal places.)
The unemployment rate is 3.48%.
b. The 99 comma 878
thousand difference between the adult population and the combined total of people who are employed and unemployed can be classified as
the number of people not in the labor force, which includes individuals who are not working and not actively seeking employment (e.g. retirees, stay-at-home parents, students).
c.
Based on the above figures, the labor force participation rate
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is enter your response here
%.
(Enter your response as a percentage rounded
to two decimal places.)
The labor force participation rate is 60.09%.
how you got 60.09
The labor force participation rate is the percentage of the adult population that is either employed or unemployed (i.e actively seeking employment).
To calculate the labor force participation rate, we first need to add the number of employed adults (159,244 thousand) and the number of unemployed adults (5,722 thousand):
159,244 + 5,722 = 164,966 thousand
We then divide this sum by the total adult, noninstitutionalized, nonmilitary population (264,844 thousand) and multiply by 100 to get the percentage:
(164,966 / 264,844) x 100 = 60.09%
Therefore, the labor force participation rate is 60.09%.