In 2016 the Bureau of Labor Statistics reported that there were 62.2 million people over age 25 whose highest level of education was a high school degree or equivalent. Of these, 33.7 million were employed and 1.8 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group? a. 54.2% and 2.9%b. 54.2% and 5.1%c. 57% and 2.9%d. 57% and 5.1%

Question

Elisha Cameron

Business

7 June, 16:41

In 2016 the Bureau of Labor Statistics reported that there were 62.2 million people over age 25 whose highest level of education was a high school degree or equivalent. Of these, 33.7 million were employed and 1.8 million were unemployed. What were the labor-force participation rate and the unemployment rate for this group? a. 54.2% and 2.9%b. 54.2% and 5.1%c. 57% and 2.9%d. 57% and 5.1%

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Answers (1)

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Siena Mcpherson · Answer 1

The correct answer is the letter c. 57% and 2.9%.

Explanation:

The labor force participation rate is the percentage of people who are able to work, that is, who are old enough for it, and are actively looking for work, divided by the contingent of people belonging to the same age group. The unemployment rate, in turn, relates the number of unemployed people to the total number of people in the established age group. Thus, the correct answer is the letter c, 57% and 2.9%, as 57% is the result of dividing the percentage of fit and job-seeking people (33.7% + 1.8% = 35.5 %) and the percentage of people in the age group (62.2%.). And 2.9% corresponds to the division between the percentage of unemployed people (1.8%) and the percentage of people in that age group (62.2%).