Question

Consider the following data for the United States for January of 2023
​:
Total Population

334.484 thousand
​Adult, noninstitutionalized, nonmilitary population= 265.962 thousand
Unemployed adults= 5.694 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.
Part 2
a.
If the labor force participation rate is62.4​%,
calculate the size of the labor force

​:

thousand. ​(Enter yo

Answer 1

I got a different answer when I multiple .624*265.962= 165.960

Answer 2

b.
The number of employed adults is----thousand. ​(Enter your response rounded to the nearest whole​ nmber.)

Answer 3

ur answer rounded to the nearest whole number)

The size of the labor force would be 165.907 thousand. (62.4% of 265.962 thousand)

Answer 4

You are correct. The correct calculation for the labor force using the given information would be 165.960 thousand (rounded to the nearest whole number). Thank you for bringing that to my attention.

Answer 5

If the number of unemployed adults is 5.694 thousand and the labor force is 165.960 thousand, we can calculate the number of employed adults as follows:

Employed adults = Labor force - Unemployed adults
Employed adults = 165.960 - 5.694
Employed adults = 160.266 thousand

Therefore, the number of employed adults is 160 thousand (rounded to the nearest whole number).