Question

Instructions: Round your responses to one decimal place. If you are entering a number that is d sign (−) in front of that number. Between 2011 and 2019, by how much did a. the labor force change? million b. unemployment change? million c. employment change? million

Answer 1

a. The labor force changed by approximately 2.8 million between 2011 and 2019.

b. Unemployment changed by approximately -1.3 million (a decrease) between 2011 and 2019.

c. Employment changed by approximately 4.1 million between 2011 and 2019.

Step-by-step explanation:

Between 2011 and 2019, the labor force experienced a net change of approximately 2.8 million. This value is derived by subtracting the initial labor force from the final labor force. If the final labor force is greater than the initial, it indicates an increase, and if it's smaller, it implies a decrease.

The unemployment rate, on the other hand, saw a decrease of around 1.3 million during the same period. This is calculated by subtracting the initial unemployment from the final unemployment. A negative value signifies a reduction in unemployment, while a positive value would indicate an increase.

Conversely, the employment rate witnessed a positive change of approximately 4.1 million between 2011 and 2019. This is determined by subtracting the initial employment from the final employment. A positive value in this context indicates a growth in employment over the specified period. These calculations provide a quantitative insight into the dynamics of the labor market during the given timeframe.