Calculate the unemployment rate and the labor force participation rate, and compare these rates with those in
Calculate the unemployment rate and the labor force participation rate, and compare these rates with those in the United States in 2016.
Use the following information gathered by a BLS labor market survey of four households to work the following Problem.
- Household 1: Candy worked 20 hours last week setting up her Internet shopping business. The rest of the week, she completed application forms and attended two job interviews. Husband Jerry worked 40 hours at his job at GM. Daughter Meg, a student, worked 10 hours at her weekend job at Starbucks.
- Household 2: Joey, a full-time bank clerk, was on vacation. Wife, Serena, who wants a full-time job, worked 10 hours as a part-time checkout clerk.
- Household 3: Ari had no work last week but was going to be recalled to his regular job in two weeks. Partner Kosta, after months of searching for a job and not being able to find one, has stopped looking and will go back to school.
- Household 4: Mimi and Henry are retired. Son Hank is a professional artist, who painted for 12 hours last week and sold one picture.
Step by Step Answer: