In 2018 the Bureau of Labor Statistics reported that there were 57.4 million people over age 25 whose highest level of education was some college or an associate degree. Of these, 36.3 million were employed and 1.2 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group?

Question

a. 63.2% and 3.2%
b. 65.3% and 3.2%
c. 63.2% and 2.1%
d. 65.3% and 2.1%

Answer 1

To calculate the labor-force participation rate and the unemployment rate for the group, we can use the following formulas:

1. Labor-force participation rate = (Labor force / Total population) × 100
2. Unemployment rate = (Number of unemployed / Labor force) × 100

First, let's determine the labor force, which includes both the employed and unemployed:

• Number of employed = 36.3 million
• Number of unemployed = 1.2 million

Labor force = Number of employed + Number of unemployed = 36.3 million + 1.2 million = 37.5 million

Now we can calculate the labor-force participation rate:

• Total population = 57.4 million

Labor-force participation rate = (37.5 million / 57.4 million) × 100 ≈ 65.3%

Next, we can calculate the unemployment rate:

Unemployment rate = (1.2 million / 37.5 million) × 100 ≈ 3.2%

Putting it all together, the labor-force participation rate is approximately 65.3% and the unemployment rate is approximately 3.2%.

Therefore, the correct answer is b. 65.3% and 3.2%.