4. The following data is from the Bureau of Labor Statistics (BLS). (https://data.bls.gov/timeseries/LNS14000000)CategoryCivilian noninstitutional populationCivilian labor forceParticipation rateEmployedEmployment-population ratioUnemployedNot in labor forceMay2022263,679164,37662.3158,42660.15,95099,302a. Calculate the unemployment rate for May 2022. (show your work)Use the Bureau of Labor Statistics Website, to answer the next two questions (b and c). Lookingat the last 10 years of data:b. What was the rate, month and year for the highest unemployment rate?c. What was the rate, month and year for the lowest unemployment rate?

a) Unemployment rate can be calculated as Number of people unemployed / labor force. b) By going…

a. Calculate the unemployment rate for May 2022. (show your work) Use the Bureau of Labor Statistics Website, to answer the next two questions (b and c). Looking at the last 10 years of data: b. What was the rate, month and year for the highest unemployment rate? c. What was the rate, month and year for the lowest unemployment rate?

a. Calculate the unemployment rate for May 2022. (show your work) Use the Bureau of Labor Statistics Website, to answer the next two questions (b and c). Looking at the last 10 years of data: b. What was the rate, month and year for the highest unemployment rate? c. What was the rate, month and year for the lowest unemployment rate?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

4. The following data is from the Bureau of Labor Statistics (BLS). (https://data.bls.gov/
timeseries/LNS14000000)
Category
Civilian noninstitutional population
Civilian labor force
Participation rate
Employed
Employment-population ratio
Unemployed
Not in labor force
May
2022
263,679
164,376
62.3
158,426
60.1
5,950
99,302
a. Calculate the unemployment rate for May 2022. (show your work)
Use the Bureau of Labor Statistics Website, to answer the next two questions (b and c). Looking
at the last 10 years of data:
b. What was the rate, month and year for the highest unemployment rate?
c. What was the rate, month and year for the lowest unemployment rate?

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