Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect:

Unemployment rate 6.10%

Participation rate 62.50%

Not in the labor force 64 million

Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.

Instructions: Round your responses to one decimal place.

Labor force: ___ million.

Working-age population: ___ million.

Number of employed workers: ___ million.

Number of unemployed workers: ___ million.

Instructions are listed below.

Explanation:

Giving the following information:

An unemployment rate of 6.10%

Participation rate 62.50%

Not in the labor force 64 million

A) labor force:

We know the total number of people that don't participate in the labor force and the percentage of the total population that does.

Therefore:

64 million = 37.5% of population

6100% = x

x = 1*64,000,000/0.375 = 170,666,667

Labor force = 0.625*170,666,667 = 106,666,667

B) Working-age population = total labor force = 170,666,667

C) Employed workers = Total labor force - unemployed people

Employed workers = 170,666,667 - (170,666,667*0.061) = 160,256,000

D) Unemployed = Total labor force*unemployed rate = 10,410,667