The Bureau of Labor Statistics reported in 2005 that there were 28.19 million people over age 25 who had no high school degree or its equivalent, 11.73 million of whom were employed and 1.04 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group

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Business

Cason Ferrell

25 December, 15:32

The Bureau of Labor Statistics reported in 2005 that there were 28.19 million people over age 25 who had no high school degree or its equivalent, 11.73 million of whom were employed and 1.04 million of whom were unemployed. What were the labor-force participation rate and the unemployment rate for this group

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Answers (1)

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Deven Mcclain · Answer 1

45.30% and 8.14%

Explanation:

Data given in the question

Number of people over age 25 = 28.19 million

Employed people = 11.73 million

Unemployed people = 1.04 million

So, by considering the above information, the

Labor force participation rate is

= Labor force participation : Adult population

where,

Labor force participation rate is

= 11.73 million + 1.04 million

= 12.77 million

And, the adult population is 28.19 million

So, the labor force participation rate is

= 12.77 million : 28.19 million

= 45.30%

And, the unemployment rate is

= Number of unemployment persons : labor force

= 1.04 million : 12.77 million

= 8.14%