Question

question
if the total adult working age population of the u.s. is 350 million, the number of unemployed people is 20 million, and the
number of employed people is 170 million, what is the labor force participation rate? (round your answer to the nearest
10th)
provide your answer below:
labor force participation rate = %

Explanation:

Step1: Calculate the labor force

Labor force = Employed + Unemployed.
Given employed = 170 million and unemployed = 20 million.
Labor force = \(170 + 20=190\) million.

Step2: Calculate the labor - force participation rate

The formula for labor - force participation rate is \(\text{Labor Force Participation Rate}=\frac{\text{Labor Force}}{\text{Adult Working - age Population}}\times100\).
Adult working - age population = 350 million, labor force = 190 million.
\(\text{Labor Force Participation Rate}=\frac{190}{350}\times 100\)
\(=\frac{19000}{350}\approx54.3\)

Answer:

54.3