Please help calculate labor force participation rate?
Labor force = employed + unemployed Participation rate = Labor force / population Unemployment rate = Unemployed / Labor force Intuitively each of these calculations should make sense if you give them some thought.
College Economics Working Age Population/Unemployment/Labor force?
Keep in mind the definitions. Population = Labor Force + Not in labor Force. Labor Force = Employed + Unemployed UE rate = Unemployed/Labor Force = Unemployed/(Employed + Unemployed) Labor Force Participation is Labor Force/Population You do have the info you need, you just have to figure out the math. I think one problem is that you didn't know where to start (if you tried to figure out population first, you'd be out of luck). You have to figure out Unemployment first, then labor force, then population. If the UE rate is 8.06% and Employed = 141,578,000 then to figure out Unemployed, the equation is: Unemployed/Labor Force which is Unemployed/(Employed + Unemployed) so we have X/(141,578,000+X) = .0806 Solve for X, that's your unemployed. Once you have Unemployed, add it to Employed, and you have your Labor Force. And since Labor Force/Population = .6555, then Population = Labor Force/0.6555 Note....you'll have to do some rounding to the nearest integer when calculating both unemployment and the population.
Calculating Unemployment?
So my economics professor is having us try to calculate a few groups using only the following: Working Age Population:_________________ Employment:151,428,000 Unemployment:_________________ Unemployment Rate: 4.6% Labor Force:_________________ Labor Force Participation Rate: 66.2% I'm sure it's super obvious, as to how to calculate the blank spaces, but right now I'm freakin' lost. I feel like I'm over complicating it for myself somehow, please help?
Please help me calculate unemployment rate?
The Bureau of Labor Statistics reported that in June 2004, the labor force was 149.2 million, employment was 140.7 million, and the working-age population was 223.4 million. Calculate the unemployment rate and the labor force participation rate for that month. Okay I know the formula I'm suppose to use which is number of people unemployed/labor force x 100 for unemployment rate and the the labor force participation rate is labor force participation rate = labor/working-age population x 100 That seems simple enough but I can't calculate this because the question does not give us the unemployment.
How is the labor force participation rate calculated?
The US calculation is slightly different to that described by Walter.Start with the entire population. Subtract everyone under the age of 16, everyone serving full time in the military, and everyone institutionalised (ie in prison, nursing homes, mental hospitals etc).The remainder is known as the civilian non-institutionalised population.Now take everyone employed - this is simple; if someone worked at all in the week in question they are considered employed.Now take everyone who was not employed, but was available for work and actively seeking work - these are the unemployed.The labor force participation rate is the sum of the unemployed and the employed, divided by the civilian non-institutional population.
What is the formula for determining the unemployment rate?
The unemployment rate (U%) is the percentage of the labor force that is unemployed. U% = U/LF To fully understand unemployment statistics, it’s important to understand what each of those terms means. First, the labor force (LF) consists of all those people who are either currently employed (E) or currently unemployed (U): LF = E + U. Second, to be counted as employed, a person must be currently working—either for someone else or for him- or herself. Third, to be counted as unemployed, a person must meet three criteria: he or she (1) is not currently working(2) has actively sought work in a recent past period; and(3) is currently available for work. Fourth and finally, someone who is not currently working and is not looking for work is not unemployed – that person is not in the labor force at all. The key thing to remember is that the unemployment rate is calculated as a share of the labor force – the economically active portion of the population -- not as a share of the total population. Data are based on labor force sample surveys, general household sample surveys, censuses, official estimates, and administrative records.
Macroeconomics unemployment and labor force question.?
If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment rate is 4%, how many workers are in the labor force? I know the answer is 475 but i can't figure out why? Any help would be appreciated. Thanks. A) 20 million B) 1 million C) 481 million D) 475 million E) None of the above