Unemployment - End of Chapter Problem Use the data from the U.S. Bureau of Labor Statistics to answer the questions. Round your answers to two decimal places. Type of worker Number of individuals in 2009 Number of individuals in 2018 Working-age Population 236 million 258 million Unemployed 14 million 6 million Employed 140 million 156 million a. What was the size of the labor force in each year? Labor force in 2009: million people. Labor force in 2018: million people. b. What was the unemployment rate in each year? Round answers to two places after the decimal. Unemployment rate in 2009: % Unemployment rate in 2018: % c. What was the labor force participation rate in each year? Round answers to two places after the decimal. Labor force participation rate in 2009: % Labor force participation rate in 2018: %
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The labor force is the sum of the employed and the unemployed. So, in 2009, the labor force was 140 million (employed) + 14 million (unemployed) = 154 million people. In 2018, the labor force was 156 million (employed) + 6 million (unemployed) = 162 million Show more…
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