Suppose that the U.S. nonmilitary, noninstitutionalized adult population is 254 million, the number employed is 156 million, and the number unemployed is 8 million.
a. What is the unemployment rate?
b. Suppose there is a difference of 60 million between the adult population and the combined total of people who are employed and unemployed. How do we classify these 60 million people? Based on these figures, what is the U.S. labor force participation rate?