Question

Number of employed=134.4 million
Number of unemployed=8.6million
Adult population=213.5million
Find labour force,find labour force participation,find unemployment rate,number of people not in labour force

Answer 1

To find the labor force, we need to add the number of employed and unemployed individuals:

Labor Force = Number of Employed + Number of Unemployed = 134.4 million + 8.6 million = 143 million.

To find the labor force participation rate, we divide the labor force by the adult population and multiply by 100:

Labor Force Participation Rate = (Labor Force / Adult Population) * 100 = (143 million / 213.5 million) * 100 ≈ 67.04%.

To find the unemployment rate, we divide the number of unemployed individuals by the labor force and multiply by 100:

Unemployment Rate = (Number of Unemployed / Labor Force) * 100 = (8.6 million / 143 million) * 100 ≈ 6.01%.

To find the number of people not in the labor force, we subtract the labor force from the adult population:

Number of People Not in Labor Force = Adult Population - Labor Force = 213.5 million - 143 million = 70.5 million.