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Social ScienceThe 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
|
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 |
Expert Answer
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:
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employed people unemployed people Labor force = 153,337 6,982 =160,319
The formula for calculating unemployment rate is given:
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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
Unemployment rate for each age group can be calcula...
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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
Business
Economics
Unemployment
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