Question

In 2016 the Bureau of Labor Statistics reported that there were 62.2 million people over age 25 whose highest level of education was a high school degree or equivalent. Of these, 33.7 million were employed and 1.8 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Answer 1

Answer:

labor-force participation rate = 57 %

            Unemployment rate  = 5.1 %

Explanation:

Given :

Adult population = 62.2 million

Employed population = 33.7 million

Unemployed population = 1.8 million

Therefore labor force can be calculated by =  ( Employed population + Unemployed population )

                                                                       = 33.7 + 1.8

                                                                       = 35.5 million

Thus  labor-force participation rate = ( Labor Force / Adult Population ) x 100

                                                          = ( 35.5 / 62.2 ) x 100

                                                          = 57.07

                                                          ~ 57 percent

Now,

Unemployment rate = ( Unemployed / Labor Force) x 100

                                 = ( 1.8 / 35.5 ) x 100

                                 = ( 1.8 / 35.5 ) x 100

                                 =  5.07

                                 ~ 5.1

Therefore, labor-force participation rate = 57 %

                  Unemployment rate  = 5.1 %