Question

In June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 140,196,000 were employed, 14,729,000 were unemployed, and 80,729,000 were not in the labor force. Use this information to calculate: a. the adult population b. the labor force c. the labor-force participation rate d. the unemployment rate

Answer 1

By using the given information the calculation is being given below:-

Adult population = total number of employed + total number of unemployed + those who are not in the labour force

Then it equals to 235654000

Labour force = total number of employed + total  number of unemployed  

Then it equals to 154925000.

Labour force participation rate = total  labour force divided by the total adult population  

Which equals to 65.7℅

Unemployment rate = Total number of unemployed divided by total labour force and multiply by 100. Which equals to 9.5 %

Explanation:

Adult population refers to the total average population of an adult in a nation.

Labour force refers to the total labour force available at a particular point in time.

Labour force participation rate is the rate which counts the number of labour force involved in the work.

Unemployment rate refers to the average of the total population who seeks for jobs but remains jobless.  

All the above terms showcase the condition of an economy with respect to its population contribution.