Suppose that total employment in the U.S. economy increased from 143,000,000 to 145,500,000 from last year. At the same time, the number of unemployed dropped from 11,000,000 to 8,700,000. Also suppose that the working age population increased from 245,000,000 to 248,000,000
1. What is the size of the labor force?
2. What is the unemployment rate? (Show work)
3. What was the labor force participation rate last year versus this year?