Question

In June, 2017, there were 254.4 million individuals in the US that were of working-age and non-institutionalized or in the military. That month, there were 160.2 million individuals in the labor force and 94.2 million individuals not in the labor force.Those not in the labor force are divided into those that do not want a job (88.5 million) and those that are not actively searching, but would take a job if offered one (5.7 million).You learn that of the 153.0 million workers that are employed, 10 million are involuntary part-time workers. All involuntary part-time workers would like to work twice as much and are considered, "half unemployed". What is the unemployment rate after considering the 10 million involuntary part-time workers?

Answer 1

Answer:

10.74%

Explanation:

Obtaining the rate of unemployment is through the application of this formula:

The number of people unemployed/ number of people in the labor force x 100

Population:  254. 4 million

labor force: 160. 2 million

not in the labor force: 94.2 million

Those in employment: 153.0

unemployment rate after considering 10 million involuntary workers

No. of unemployed people:  labor force  - those in employment

=160.2 million - 153.0 million

=7.2 million unemployed people

considering the 10 million

=7.2 million + 10 million

=17.2 million

rate of employment = 17.2/160.2 x 100

=0.107365 X 100

=10.7364

=10.74%