0:00
Hello.
00:03
Let's start with the total labor force.
00:06
So total labor force is equal to the total population minus the people who are not in the labor force.
00:22
Or we can just combine the number of employed and unemployed people in this country.
00:29
So the total labor force is unemployed, sorry, employed, which is 4 ,950 plus unemployed people.
00:47
So this is equal to 5 ,377.
00:54
And 300, this is a total labor.
01:04
Force then labor force participation rate labor force participation rate this one is the ratio of people in the labor force or total labor force which we already calculate over the total population of this country so this denometic is equal to 5 ,938 which is the sum of all the people in this country.
01:51
This is total population and the labor force participation rate is equal to 90 .55 percent.
02:07
And now we can find the unemployment rate.
02:11
We divide the number of unemployed people by the total labor force and it's equal to 8 .78%.
02:32
And now there is a change.
02:41
246 of these 472 unemployed people, they stopped looking for work.
02:50
So they are not in the labor force now.
02:55
So now we have the second part.
03:01
So from this labor force, 246 people they left the labor force.
03:17
So now the total labor force is equal to 5 ,1001 .31.
03:29
This is a new labor force...