Question
4. The U.S. Bureau of Labor Statistics (BLS) conducts bi-monthly household surveys to measure labor force status in the United States. The survey provides a
4. The U.S. Bureau of Labor Statistics (BLS) conducts bi-monthly household surveys to measure labor force status in the United States. The survey provides a measure of employed people, such as nonfarm employment, hours, and earnings by industry. Data collected from this survey will be used to report and estimate employment levels and trends in the US.
(1) The table as following provides us the employment situations in April 2020 (04/2020) and November 2021 (11/2021) in the US. With the information given about adult population (Adult 16+), labor force (L), employed (E), calculate the values of unemployed (U), unemployment rate (UR) and labor force participation rate (LFPR) in the two periods. Also, use the data of 11/2021 to show step-by-step solutions for U, UR, LFPR in that month.
Variable | Definition | 04/2020 (number, thousand) | 11/2021 (number, thousand) |
Adult 16+ | Population 16 above (number) | 259,896 | 261,085 |
L | Labor force (number) | 156,481 | 160,536 |
E | Employed (number) | 133,403 | 149,809 |
U | Unemployed (number) | ||
UR | Unemployment rate % | ||
LFPR | Labor Force Participation Rate % |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started