Final answer:
The correct labor force size according to the January 2017 data is approximately (option B) 160 million, and the corresponding unemployment rate, calculated using this data, is about 4%.
Step-by-step explanation:
To determine the size of the labor force in millions and the official unemployment rate in percentage, we can leverage the given reference information.
According to the January 2017 data from the Bureau of Labor Statistics, the labor force was 159.716 million people, with 7.635 million people being unemployed.
This gives us an unemployment rate calculated by dividing the number of unemployed individuals by the total labor force and then multiplying by 100 to convert it to a percentage.
Using the example provided:
- Number of unemployed people: 7.635 million
- Total labor force: 159.716 million
The unemployment rate = (7.635 million ÷ 159.716 million) × 100 = approximately 4.8%.
Thus, the correct answer that matches closely with the given data is:
B. Labor force size: 160 million, Unemployment rate: 4%