In 2016 the Bureau of Labor Statistics reported that there were 71.9 million people over age 25 who had at least a bachelor's degree. Of these 52.1 million were employed and 1.3 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group? a. 72.5% and 1.8% b. 72.5% and 2.4% c. 74.3% and 1.8%

Question

Draven Mays

Business

4 February, 23:35

In 2016 the Bureau of Labor Statistics reported that there were 71.9 million people over age 25 who had at least a bachelor's degree. Of these 52.1 million were employed and 1.3 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group? a. 72.5% and 1.8% b. 72.5% and 2.4% c. 74.3% and 1.8%

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Deanna Bryant · Answer 1

a. 72.5% and 1.8%

Explanation:

The computation of the labor-force is computed by applying the formula which is shown below

= (Employed people : total population) * 100

= (52.1 million : 71.9 million) * 100

= 72.46%

The computation of the unemployment rate is computed by applying the formula which is shown below

= (Unemployed people : total population) * 100

= (1.3 million : 71.9 million) * 100

= 1.80%