Jobs growth increased in May as the unemployment rate fell to 5.8 percent. The labor force participation rate fell slightly from 61.7 percent in April to 61.6 percent in May. It remains well below its 63.3 percent level prior to the pandemic.

a. If all the newly hired people had been unemployed, how would the labor force participation rate and unemployment rate have changed?

b. If all the newly hired people had previously given up on their job search, how would the labor force participation rate and unemployment rate have changed?