In the United States the number of people not in the labor force, employed, and unemployed is shown in the table below for years 1973, 1974, and 1975. All numbers are in millions.
1973
1974
1975
Not in labor force57.7
58.2
59.4
Employed85.1
86.8
85.8
Unemployed 4.4
5.2
7.9
a.For each year, calculate the number of people who are in the labor force. b.For each year, calculate the number of people who are in the working-age population. c.Calculate the labor-force participation rate. d.Calculate the unemployment rate. e.By how much did the labor-force participation rate change from 1973 to 1974 and from 1974 to 1975? f.By how much did the unemployment rate change from 1973 to 1974 and from 1974 to 1975?
What will be an ideal response?
a.LF = U + E; 1973: 85.1 + 4.4 = 89.5; 1974: 86.8 + 5.2 = 92.0; 1975: 85.8 + 7.9 = 93.7 b.WAP = NILF + LF; 1973: 57.7 + 89.5 = 147.2; 1974: 58.2 + 92.0 = 150.2; 1975: 59.4 + 93.7 = 153.1 c.LFPR = LF/WAP; 1973: 89.5/147.2 = 60.8%; 1974: 92.0/150.2 = 61.3%; 1975: 93.7/153.1 = 61.2% d.UR = U/LF; 1973: 4.4/89.5 = 4.9%; 1974: 5.2/92.0 = 5.7%; 1975: 7.9/93.7 = 8.4% e.LFPR rose 0.5 percentage point from 1973 to 1974 and fell 0.1 percentage point from 1974 to 1975. f.UR rose 0.8 percentage point from 1973 to 1974 and rose 2.7 percentage points from 1974 to 1975.
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