Question

If the labor force of 155 million people is growing bu 1.2 percent per year, how many new jobs have to be created each month to keep unemployment from increasing? enter response as a whole number.

Answer 1

To begin, multiply 155,000,000 by 1.2% (0.012) to find the per-year growth. This gives a value of 1,860,000 new people in the labor force every year. This is the number of people for 12 months, so we need to find 1/12 of this value, or to divide 1,860,000 by 12. This gives a rate of 155,000 new jobs that have to be created each month to keep unemployment stable.