Refer to the article below to answer two questions: FRONT PAGE Unemployment Rate Hits a 26-Year High The nation's unemployment rate climbed to 10.2 percent in October, the highest rate since 1983 Nonfarm payrolls dropped another 190,000 last month, adding to 22 consecutive months of job losses. The biggest job losses were in manufacturing, construction, and retail employment. Since the recession began over 7.3 million jobs have been lost. The unemployment rate has more than doubled from 4.9 percent in December 2007 to its current level of 10.2 percent. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more, while 20 percent of the unemployed were jobless for 5 weeks or less. Source: U.S. Bureau of Labor Statistics, November 10, 2009. If the number of unemployed people is 15.7 million, in October 2009 Instructions: Round your responses to one decimal place. a. how many people were in the labor force? million b. how many people were employed?

Refer to the article below to answer two questions: FRONT PAGE Unemployment Rate Hits a 26-Year High The nation's unemployment rate climbed to 10.2 percent in October, the highest rate since 1983 Nonfarm payrolls dropped another 190,000 last month, adding to 22 consecutive months of job losses. The biggest job losses were in manufacturing, construction, and retail employment. Since the recession began over 7.3 million jobs have been lost. The unemployment rate has more than doubled from 4.9 percent in December 2007 to its current level of 10.2 percent. In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more, while 20 percent of the unemployed were jobless for 5 weeks or less. Source: U.S. Bureau of Labor Statistics, November 10, 2009. If the number of unemployed people is 15.7 million, in October 2009 Instructions: Round your responses to one decimal place. a. how many people were in the labor force? million b. how many people were employed?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 16RQ: Assess whether the following would be counted as unemployed in the Current Employment Statistics...

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