(1) The Bureau of labor statistics reported the following data for December 2000
Labor force: 141,544,000
Employment: 135,888,000
Working-age population: 210,743,000
Calculate for the month the following:
a. Unemployment rate
b. Labor force participation rate
c. Employment-to-population ratio
During 2000, the working-age population increased by 1,911,000, employment increased by 1,375,000 and the labor force by 1,311,000. Using the data provided calculate:
a. The change in unemployment during 2000.
b. The change in the number of people not in the labor force during 2000.
(2) Suppose 500 people were surveyed, and of those 500, some 450 were working full time. Of the 50 not working, 10 were full time college students, 20 were retired, 5 were under sixteen years of age, 5 had stopped looking for work because they believed there were no jobs for them, and 10 were actively looking for work.
a. How many of the 500 surveyed are in the labor force?
b. What is the unemployment rate among the 500 surveyed people?