ENGR.ECONOMIC ANALYSIS
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Transcribed Image Text:Use the following data to calculate the unemployment rate. and answer the questions below
total adult population = 256,436
persons under 16 = 75,126
total U.S. population = 332,568
# people working= 162,128
retirees = 85,745
total labor force = 172,476
discouraged workers = 15,546
part-time employed = 23,854
1. What is the unemployment rate?
2. Calculate an alternative measure of unemployment by counting discouraged workers as unemployed and counting part time employed as 1/2 employed and 1/2 unemployed.
3. Discuss under what conditions in the labor market it might be more accurate to use one method versus the other.
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