Question

During the great recession that began in January 2008, average weekly claims for unemployment were 420,000. The normal weekly average during full employment is 122,000. How many more people were filing for unemployment in January 2008?

Answer 1

Average weekly claims for unemployment were 420,000.

The normal weekly average during full employment is 122,000.

To find how many more people we subtract normal weekly average during full employment from average weekly for unemployment

Number of people = 420,000 - 122,000 = 298,000

This is the number of people in a week. Hence, in order to find the number of people in the January month, we have to divide this number by 7 and then multiply by 31.

Because when we divide it by 7, it will give the number of people in 1 day and when multiplied by 31, it will give the number of people in the January month.

Thus, number of more people were filing for unemployment in January 2008 is given by

$\frac{ 298,000}{7}\cdot 31\\ \\ =1319714$

Answer 2

Answer:

1,192,000 more people were filing for unemployment in January 2008

Step-by-step explanation:

A month has 4 weeks

January 2008:

Weekly claims for unemployment were 420,000.

4*420,000 = 1,680,000

Normal weekly average:

Normal weekly average during full employment is 122,000.

4*122,000 = 488,000

How many more people were filing for unemployment in January 2008?

1,680,000 - 488,000 = 1,192,000

1,192,000 more people were filing for unemployment in January 2008