Question

The labor force is comprised of those who are working for any number of hours (the employed) and those who are out of work but actively looking for a job (the unemployed). Calculate the size of the labor force. The size of the adult population is 30,000. The number working is 17,700 and the number of unemployed actively looking for work is 1,600. a. Labor Force: people A commonly reported labor statistic is the Labor Force Participation Rate 'LFPR':

Answer 1

Labor force 19,300

Labor Force participation Rate: 64.33%

Step-by-step explanation:

working population 17,700

unemployed actively looking for work 1,600

Total Labor Force 19,300

Labor Force Participation Rate (LFPR):

It is the quotient between the Labor force and the total number of people eligible for a job

19,300/30,000 = 0.6433 = 64.33%

This will be the percentage of the population over 16 year which, are actively looking for a job or are already hired in one.