The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017.AgeEmployedUnemployedNot in Labor Force(Thousands of People)(Thousands of People)(Thousands of People)16 to 19 years5,07482710,85320 to 24 years14,1321,1276,13725 to 54 years98,8333,85023,01455 to 64 years26,06483514,79265 years and over9,23434339,964Total153,3376,98294,759Source: “Labor Force Statistics from the Current Population Survey.”Bureau of Labor Statistics. What is the national unemployment rate?2.7% 4.4% 7.4% 59.1% Complete the following table by computing the unemployment rate for each age group. Age                                                Unemployment Rate 16 to 19 years     20 to 24 years     25 to 54 years     55 to 64 years     65 years and over   Which of the following groups has an unemployment rate lower than the national average unemployment rate? Check all that apply.16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over

Question
Asked Nov 6, 2019
The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2017.
Age
Employed
Unemployed
Not in Labor Force
(Thousands of People)
(Thousands of People)
(Thousands of People)
16 to 19 years 5,074 827 10,853
20 to 24 years 14,132 1,127 6,137
25 to 54 years 98,833 3,850 23,014
55 to 64 years 26,064 835 14,792
65 years and over 9,234 343 39,964
Total 153,337 6,982 94,759
Source: “Labor Force Statistics from the Current Population Survey.”Bureau of Labor Statistics.
 
What is the national unemployment rate?
2.7%
 
4.4%
 
7.4%
 
59.1%
 
Complete the following table by computing the unemployment rate for each age group.
 
Age                                                Unemployment Rate
 
16 to 19 years    
 
20 to 24 years    
 
25 to 54 years    
 
55 to 64 years    
 
65 years and over 
  
Which of the following groups has an unemployment rate lower than the national average unemployment rate? Check all that apply.
16 to 19 years
 
20 to 24 years
 
25 to 54 years
 
55 to 64 years
 
65 years and over
 
 
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Expert Answer

Step 1

Unemployment refers to the part of labor force which have ability to work but are jobless.

Total labor force constitutes employed as well as unemployed people.

The labor force in the economy from given table is:

employed people unemployed people
Labor force
= 153,337 6,982
=160,319
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employed people unemployed people Labor force = 153,337 6,982 =160,319

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Step 2

The formula for calculating unemployment rate is given:

population unemployed
x 100
Unemployment rate
labor force
6,982
-x100
160,319
= 4.4%
Hence, the unemployment rate is 4.4% in the economy
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Image Transcriptionclose

population unemployed x 100 Unemployment rate labor force 6,982 -x100 160,319 = 4.4% Hence, the unemployment rate is 4.4% in the economy

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Step 3

Unemployment rate for each age group can be calcula...

Unemployed people in age group 16 - 19
-x 100
Unemployment rate for 16 - 19 -
Labor force
827
-x100
160,319
=0.52%
Similarly, unemployment rate for rest age groups can be calculated. The values are shown in the
table below
Age group
Unemployment rate ( in %
16 to 19 years
0.52
20 to 24 years
8.81
25 to 54 years
61.65
55 to 64 years
16.26
5.76
65 years and over
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Unemployed people in age group 16 - 19 -x 100 Unemployment rate for 16 - 19 - Labor force 827 -x100 160,319 =0.52% Similarly, unemployment rate for rest age groups can be calculated. The values are shown in the table below Age group Unemployment rate ( in % 16 to 19 years 0.52 20 to 24 years 8.81 25 to 54 years 61.65 55 to 64 years 16.26 5.76 65 years and over

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