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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
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Chapter 28
Unemployment
The Economics of Labor Markets
The Real Economy in the Long Run
Anaba A.
November 12, 2021
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Here we're working with the idea of unemployment and were given some information that of the entire American adult population. This was during the 2009 recession, 140,196,000 were employed, 14,729,000 were unemployed, And 80,729,000 were not in the labor force. So we want to go ahead and calculate the adult population, the labor force, the labor force participation rate and the unemployment rate. And you can see written in blue the formulas that we're going to be using. So to be fairly straightforward. So let's start with this adult population and this is just everyone. So we can just add up all of the information we were given. So this is going to include those who were employed, plus those who were unemployed, plus those who were not in the labor force, Adding all of that. Together we get an adult population which is equal to 235,654,000 Part B. Here we want to calculate the labor force and the labor force is the some of those who are employed and those who are unemployed and actively seeking work. So for this we are given those who were employed and that's a total of 140,196,000. That plus those who are unemployed, Summing those together, we get a total labor force which is equal to 154,925,000. All right. And the labor force participation rate is calculated as the labor force divided by the adult population times 100. So we just found that the labor force is 154 million, 925,000. And that the adult population is 235 million, 654,000. Then we're going to multiply that by 100 and that gives us a labor force participation rate which is equal to 65.74%. And to calculate our unemployment rate, we're going to take those who are unemployed and divided by that labor force that we just found So are unemployed amount of people. Those are going that was given to us as 14,729,000. That thing gets divided by that labor force, which we found to be 154,925,000 in part B. Calculating that out, we see that we have an unemployment rate and multiply that by 100 We get an unemployment rate which is equal to 9.51%.
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