Question

Consider the following data for the United States for March of 2023
​:
Total Population=334.691 thousand
​Adult, noninstitutionalized, nonmilitary population=266 .272 thousand
Unemployed adults=5.839 thousand
Using the information provided​ above, complete the questions below.
​*Real-time data provided by Federal Reserve Economic Data​ (FRED), Federal Reserve Bank of Saint Louis.

a.
If the labor force participation rate is 62.6​%,
calculate the size of the labor force
​

Answer 1

b.
The number of employed adults is enter your response here

thousand. ​(Enter your response rounded to the nearest whole​ nmber.)

Answer 2

c.
The unemployment rate is enter your response here
​%.
​(Enter your response as a percentage rounded
to two decimal​ places.)

Answer 3

The labor force participation rate is the percentage of the adult, noninstitutionalized, nonmilitary population that is either employed or actively seeking employment.

To calculate the size of the labor force, we can use the following formula:

Labor force = Adult, noninstitutionalized, nonmilitary population x Labor force participation rate

Labor force = 266.272 thousand x 0.626
Labor force = 166.805672 thousand

Therefore, the size of the labor force is approximately 166,806 thousand.

Answer 4

To calculate the number of employed adults, we can use the following formula:

Employed adults = Labor force - Unemployed adults

Employed adults = 166.805672 thousand - 5.839 thousand
Employed adults = 160.966672 thousand

Therefore, the number of employed adults is approximately 161 thousand (rounded to the nearest whole number).

Answer 5

To calculate the unemployment rate, we can use the following formula:

Unemployment rate = (Unemployed adults / Labor force) x 100

Unemployment rate = (5.839 thousand / 166.805672 thousand) x 100
Unemployment rate = 3.5%

Therefore, the unemployment rate is 3.5% (rounded to two decimal places).