Question

If the labor force of 155 million people is growing by 1.0 percent per year, how many new jobs have to be created each month to keep unemployment from increasing?

Answer 1

First let us compute for the total growth in population.

Growth = 155 million * 0.01

Growth = 1.55 million

Since there are 12 months in a year, therefore the new jobs every month should be:

new jobs per month = 1.55 million / 12

new jobs per month = 0.129 million = 129,167