Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor: Total population 24,512,311 Military personnel 98,539 People below 16 years of age 4,240,102 People in elderly care centers 1,232,130 People who didn't look for job in last 4 weeks 831,304 Housewives whose sole activity is homemaking 3,424,204 Volunteers 313,200 Employed people by private sector 8,000,690 Employed people by public sector and state and local government (federal employees are not included) 715,000 Self-employed people 3,423,042 People who are jobless, actively looking for a job, and available for work 2,234,100 Calculate the unemployment rate and the labor force of New Zombie. Show your calculation. (See attachment for the formula and directions for this problem). The attachment shows how to calculate the above numbers within the population.
question 2
Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a database maintained by the country's ministry of labor:
Total population 24,512,311
Military personnel 98,539
People below 16 years of age 4,240,102
People in elderly care centers 1,232,130
People who didn't look for job in last 4 weeks 831,304
Housewives whose sole activity is homemaking 3,424,204
Volunteers 313,200
Employed people by private sector 8,000,690
Employed people by public sector and state and local government (federal employees are not included) 715,000
Self-employed people 3,423,042
People who are jobless, actively looking for a job, and available for work 2,234,100
Calculate the
The attachment shows how to calculate the above numbers within the population.
The labor force consists of a number of employed people and unemployed people who are looking for jobs. Unemployment people are those people who do not have work and actively searching for jobs.
The formula for labor force:
Unemployment rate
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