Civilian labor force= 147, 390
Civilian employment= 139 248
Civilian​ working-age population= 223,318
Compute the unemployment rate and the labor force participation rate.
To calculate the unemployment rate, we need to subtract the number of employed people from the labor force and divide the result by the labor force. Then we multiply by 100 to get a percentage:
Unemployment rate = (Labor force - Employed)/Labor force * 100
Unemployment rate = (147,390 - 139,248)/147,390 * 100
Unemployment rate = 5.53%
To calculate the labor force participation rate, we divide the labor force by the working-age population:
Labor force participation rate = Labor force/Working-age population * 100
Labor force participation rate = 147,390/223,318 * 100
Labor force participation rate = 66.02%
To compute the unemployment rate, we need to calculate the number of unemployed individuals in the civilian labor force.
Unemployed individuals = Civilian labor force - Civilian employment
Unemployed individuals = 147,390 - 139,248 = 8,142
Unemployment rate = (Number of unemployed individuals / Civilian labor force) x 100
Unemployment rate = (8,142 / 147,390) x 100 = 5.52%
To compute the labor force participation rate, we need to calculate the percentage of the working-age population that is part of the civilian labor force.
Labor force participation rate = (Civilian labor force / Civilian working-age population ) x 100
Labor force participation rate = (147,390 / 223,318) x 100 = 66.02%