Question

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?

Answer 1

Answer: a) Labor force participation rate = 72.46%, b) Unemployment rate = 1.8%.

Explanation:

Since we have given that

Number of people who have at least a bachelor's degree = 71.9 millions

Number of people who were employed = 52.1 millions

Number of people who were unemployed = 1.3 millions

So, Labor- force participation rate would be

`(Employed)/(Total)* 100\\\\=(52.1)/(71.9)* 100\\\\=72.46\%`

Unemployment rate for this group would be

`(Unemployed)/(total)* 100\\\\=(1.3)/(71.9)* 100\\\\=1.8\%`

Hence, a) 72.46%, b) 1.8%.