Answer to Question #317756 in Macroeconomics for Anaya

Question

As of September 2021, the population (16+ years of age) in the U.S. is 263

million people. The labor force participation rate is 61%, and the unemployment rate

is 4.8%. What is the employment level?

Answer 1

Employment rate = Divide the number of employed people by the total labor force multiply by 100.

Labour Participation= labour force÷ Total working age population

Let labour force be X

61%= $\frac{X}{263}\times 100$

X= $\frac{263\times 61}{100}= 160.43$

Let unemployed be Y

Number of unemployed people= $\frac{160.43\times4.8}{100}= 7.70064$

Employed people= 160.43- 7.70064= 152.72936