Therefore, the previous labor force = 140 + 14 = 154, and the unemployment rate before workers become discouraged = (14 ÷ 154) x 100 = 9.1%. They will be counted as unemployed until they become discouraged workers. The question tells you that 14 million people are looking for work. Looking at the table, we see that the number employed is equal to part-time workers plus full-time workers = 27 + 113 = 140. To calculate the unemployment rate before workers become discouraged, begin by calculating the number of employed workers. Plugging the labor force and the working-age population figures into the equation for labor-force participation rate, we get Labor force participation rate = labor force ÷ working age population × 100= (154÷240) x 100 = 64.17%.ĭecrease to 6.7% Feedback Remember the formula for the unemployment rate: Unemployment rate = (number unemployed/labor force) x 100 where labor force = number employed + number unemployed.T This question requires you to calculate (1) the unemployment rate before the workers become discouraged and (2) the current unemployment rate. Based on the information in the table, working-age population = 314 - (40 - 14 - 20) = 240. The working-age population includes those who are 16 years or older, not institutionalized and not in the armed forces. Since the labor force = number employed + number unemployed or 140 + 14, 154 million people are in the labor force. The table also lists the number of people looking for work who will be counted as unemployed: 14 million. The table shows you that the number of people employed is equal to part-time workers plus full-time workers = 27 + 113 = 140. To solve this problem you need to know the number of people employed, the number of people looking for work, and the working-age population. 64.17% Feedback Remember the formula for the labor force participation rate: Labor force participation rate = (labor force/working-age population) x 100 where labor force = number employed + number unemployed.
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