To calculate the unemployment rate, we need to subtract the number of employed people from the labor force and divide the result by the labor force. Then we multiply by 100 to get a percentage:
Unemployment rate = (Labor force - Employed)/Labor force * 100
Unemployment rate = (147,390 - 139,248)/147,390 * 100
Unemployment rate = 5.53%
To calculate the labor force participation rate, we divide the labor force by the working-age population:
Labor force participation rate = Labor force/Working-age population * 100
Labor force participation rate = 147,390/223,318 * 100
Labor force participation rate = 66.02%
Civilian labor force= 147, 390
Civilian employment= 139 248
Civilian​ working-age population= 223,318
Compute the unemployment rate and the labor force participation rate.
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