In a given community, the unemployment rate is 4% andtheir working-age population is 930,000. Labor forceparticipation was 81% in this community in December of2009. In January 2010 a new social security policy wasimplemented, allowing people to retire and collect theirsocial security benefits earlier than expected. 200thousand older workers retired at the end of January dueto the new policy. Further, 2000 senior citizens that wereout of the labor force (in December) started collecting theirsocial security retirement benefits in January due to theirpast contributions. What is the Unemployment rate inFebruary assuming everything else was fixed at theirDecember values?

Unemployed people are those who are willing and able to work, but are unable to find a job.…

In a given community, the unemployment rate is 4% and their working-age population is 930,000. Labor force participation was 81% in this community in December of 2009. In January 2010 a new social security policy was

In a given community, the unemployment rate is 4% and their working-age population is 930,000. Labor force participation was 81% in this community in December of 2009. In January 2010 a new social security policy was

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

In a given community, the unemployment rate is 4% and
their working-age population is 930,000. Labor force
participation was 81% in this community in December of
2009. In January 2010 a new social security policy was
implemented, allowing people to retire and collect their
social security benefits earlier than expected. 200
thousand older workers retired at the end of January due
to the new policy. Further, 2000 senior citizens that were
out of the labor force (in December) started collecting their
social security retirement benefits in January due to their
past contributions. What is the Unemployment rate in
February assuming everything else was fixed at their
December values?

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