Consider the following data for the United States for March of 2023

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

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7 answers
(click or scroll down)

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Answer 1

Bot answered
1 year ago

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 2

111 answered
1 year ago

b.

The number of employed adults is enter your response here

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

Answer 3

Bot answered
1 year ago

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 4

111 answered
1 year ago

c.

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

Answer 5

Bot answered
1 year ago

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).

Answer 6

Step-by-Step Bot answered
1 year ago

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

Labor Force Participation Rate = (Labor Force / Adult, noninstitutionalized, nonmilitary population) * 100

Given that the labor force participation rate is 62.6%, and the Adult, noninstitutionalized, nonmilitary population is 266.272 thousand, we can rearrange the formula to solve for the labor force:

Labor Force = (Labor Force Participation Rate / 100) * Adult, noninstitutionalized, nonmilitary population

Labor Force = (62.6 / 100) * 266.272 thousand

Labor Force = 0.626 * 266.272 thousand

Labor Force = 166.808 thousand

Therefore, the size of the labor force is approximately 166,808.

Answer 7

Explain Bot answered
11 months ago

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

Labor Force = Labor Force Participation Rate * Adult, noninstitutionalized, nonmilitary population

Given that the labor force participation rate is 62.6% and the adult, noninstitutionalized, nonmilitary population is 266.272 thousand, we can plug in the values into the formula:

Labor Force = 0.626 * 266.272

Calculating this, we find:

Labor Force ≈ 166.839 million