Question

question
suppose there is a total population of 107.8 million people with 46.7 million not in the labor force. the remainder of the
population is in the labor force. if 57.5 million people are employed, what is the unemployment rate? round your answer to
the nearest tenth.
provide your answer below:
unemployment rate = %

Explanation:

Step1: Calculate the labor - force

The total population is \(107.8\) million, and \(46.7\) million are not in the labor force. So the labor force \(L\) is \(L=107.8 - 46.7=61.1\) million.

Step2: Calculate the number of unemployed people

The number of employed people \(E = 57.5\) million. Let the number of unemployed people \(U\). Since \(L=E + U\), then \(U=L - E\). Substitute \(L = 61.1\) and \(E = 57.5\) into the formula, we get \(U=61.1-57.5 = 3.6\) million.

Step3: Calculate the unemployment rate

The unemployment rate \(r\) is given by the formula \(r=\frac{U}{L}\times100\%\). Substitute \(U = 3.6\) and \(L = 61.1\) into the formula: \(r=\frac{3.6}{61.1}\times100\%=\frac{360}{61.1}\%\approx5.9\%\)

Answer:

\(5.9\%\)