Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect:

Unemployment rate 6.10%
Participation rate 62.50%
Not in the labor force 64 million

Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.

Instructions: Round your responses to one decimal place.

Labor force: ___ million.

Working-age population: ___ million.

Number of employed workers: ___ million.

Number of unemployed workers: ___ million.

Instructions are listed below.

Explanation:

Giving the following information:

An unemployment rate of 6.10%

Participation rate 62.50%

Not in the labor force 64 million

A) labor force:

We know the total number of people that don't participate in the labor force and the percentage of the total population that does.

Therefore:

64 million= 37.5% of population

6100%= x

x= 1*64,000,000/0.375= 170,666,667

Labor force= 0.625*170,666,667= 106,666,667

B) Working-age population= total labor force= 170,666,667

C) Employed workers= Total labor force - unemployed people

Employed workers= 170,666,667 - ( 170,666,667*0.061)= 160,256,000

D) Unemployed= Total labor force*unemployed rate= 10,410,667

you have to put the parentheses like this:

in fact, you have to perform the operation inside parentheses first, and then proceed in order: