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To answer the next 3 questions, use the following labor force data for January 2020. (All numbers are in 1000s) Civilian non institutional working age

To answer the next 3 questions, use the following labor force data for January 2020. (All numbers are in 1000s)

Civilian non institutional working age population 244,863
Civilian labor force 155,654
Employment population ration 58.6% 58.6%

  1. What is the unemployment rate in January 2020? ( 1 mark)
  2. What is the labor force participation rate in January 2020? . ( 1 mark)
  3. If the civilian non-institutional population grows by 1% over the next year and the labor force participation rate remains constant, how many jobs must be created over the next year to leave the unemployment rate unchanged? (Be sure to note that the numbers above are in 1000s of workers and to properly scale your answer to reflect this.) ( 1 mark)
  4. What is frictional unemployment? ( 1mark)
  5. What is the Pacific Islands unemployment rate post pandemic? ( 1 mark)_

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