In July 2007, Sandy Island economy had 10,000 people employed, unemployed 1000 and 5000 out of the labor force. During the month of August 2007, 80 people lost their jobs, 20 resigned, 150 hired, or rehired, 50 withdrew from the labor force and 40 admitted or readmitted to the workforce.
Calculate for July 2007:
a. Unemployment rate=1000/11000= 9.09%
b. The employment to population ratio=10000/16000=62.5%
c. Also calculate the end of August 2007: