The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2014. Age 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over Total Employed Unemployed (Thousands of People) (Thousands of People) 4,548 13,894 95,497 24,395 7,971 146,305 1,106 1,747 5,270 1,107 387 9,617 Source: "Labor Force Statistics from the Current Population Survey."Bureau of Labor Statistics. Not in Labor Force (Thousands of People) 10,979 6,438 23,744 14,262 36,602 92,025

The following table shows the annual average data on the employment status of the U.S. civilian noninstitutional population by age in 2014. Age 16 to 19 years 20 to 24 years 25 to 54 years 55 to 64 years 65 years and over Total Employed Unemployed (Thousands of People) (Thousands of People) 4,548 13,894 95,497 24,395 7,971 146,305 1,106 1,747 5,270 1,107 387 9,617 Source: "Labor Force Statistics from the Current Population Survey."Bureau of Labor Statistics. Not in Labor Force (Thousands of People) 10,979 6,438 23,744 14,262 36,602 92,025

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Working-age Population Labor Force Employed Unemployed October 2019 259.8 164.4 158.5 5.8 July 2020 260.4 159.9 143.5 17.8 October 2020 260.9 160.9 149.8 11.1 Labor Force Participation Rate Unemployment Rate October 2019 63.3% 3.5% July 2020 61.4% 11.1% October 2020 61.7% 6.9% Use your own personal knowledge and any additional outside resources to answer the question below. What changes occurred in both the labor force participation rate and the unemployment rate over this time period?
123.) This question is based on the following information about Rugrats: (The data below represents only Rugrats, of Winnecut, who are over the age of 16.) 10,000 Rugrats live in Winnecut 7000 Rugrats are employed 2000 Rugrats are not employed and are not looking for work 1000 Rugrats are not employed, but are looking and available for work The labor force participation rate in Winnecut is: 12.5% 20% 70% 80%
Given the data below: Total adult population over the age of 16 249.9 million Employed 148.3 million Unemployed 8.7 million Calculate the size of the labor force in millions
Household Employment Data (Numbers in billions) Working age Population Labor Force Employed Unemployed October 2019 259.8 164.4 158.5 5.8 July 2020 260.4 159.9 143.5 17.8 October 2020 260.9 160.9 149.8 11.1 Source: https://www.bls.gov/news.release/empsit.t01.htm Let’s calculate labor force participation and the unemployment rate for October 2019. X 100 Labor Force Participation Rate = People in the Labor Force Total Working Age Population X 100 = 164.4 259.8 = 0.6327 X 100 = 63.3% X 100 Unemployment Rate = Unemployed People X 100 Total Labor Force = 5.8 164.4 = 0.0353 X…
Labor Force of an Economy Labor Force Number of People (millions) Employed 194.1 Structurally unemployed 5.3 Cyclically unemployed 4.1 Frictionally unemployed 4.1
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