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Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor-force participation rate is 70%. What is the unemployment rate?

Question
  1. Suppose that the adult population is 6 million, the number of employed is 3.8 million, and the labor-force participation rate is 70%. What is the unemployment rate?
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Step 1

Unemployment rate refers to the fraction or percentage of unemployed workforce from the total labor force.

Step 2

The total population is given to be 6,000,000.

Labor force participation rate is 70% or 0.70.

Hence, labor force participation can be calculated as:

0.70x 6,000, 000 = 4,200,000
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0.70x 6,000, 000 = 4,200,000

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Step 3

Now, number of employed labor force is 3,800,000

Hence, number of unemployed labor force is 4,2...

Unemployment rate = unemployed labor force
total labor force
400,000
Unemployment rate
4,200,000
Unemployment rate = 0.0952
Unemployment rate ( in %) = 9.52%
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Unemployment rate = unemployed labor force total labor force 400,000 Unemployment rate 4,200,000 Unemployment rate = 0.0952 Unemployment rate ( in %) = 9.52%

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