The BLS reported the following data for 2010 : Labor force: 153.7 million Employment: 139.1 million Working-age population: 237.9 million Calculate the a. Unemployment rate. b. Labor force participation rate. c. Employment-to-population ratio.

The unemployment rate is a critical metric for understanding the health of an economy. It tells us the percentage of people in the labor force who are without a job but are actively seeking one.

To calculate the unemployment rate, follow these steps:

First, determine the number of unemployed individuals by subtracting the number of employed individuals from the total labor force.
For example, if the labor force is 153.7 million and the number of employed individuals is 139.1 million, then the unemployed equals:

\[ \text{Unemployed} = \text{Labor force} - \text{Employment} \]\[= 153.7 \text{ million} - 139.1 \text{ million} \]\[= 14.6 \text{ million} \]
Next, divide the number of unemployed individuals by the labor force and multiply by 100 to obtain the unemployment rate percentage:

\[ \text{Unemployment Rate} = \frac{\text{Unemployed}}{\text{Labor force}} \times 100 \]\[= \frac{14.6 \text{ million}}{153.7 \text{ million}} \times 100 \]\[\thickapprox 9.5\% \]
This means 9.5% of the labor force was unemployed in 2010.

The labor force participation rate provides insight into the working-age population's involvement in the labor market. It shows the percentage of the working-age population that is either employed or actively looking for employment.

Here's how to calculate it:

Divide the labor force by the working-age population and then multiply by 100.
For example, if the labor force is 153.7 million and the working-age population is 237.9 million, then:

\[ \text{Labor Force Participation Rate} = \frac{\text{Labor force}}{\text{Working-age population}} \times 100 \]\[= \frac{153.7 \text{ million}}{237.9 \text{ million}} \times 100 \]\[\thickapprox 64.6\% \]
This indicates that 64.6% of the working-age population was either employed or actively seeking employment in 2010.

The employment-to-population ratio reveals the proportion of the working-age population that is employed. It helps us understand how many individuals of working age are actually holding jobs.

The following steps will help you calculate this ratio:

Divide the number of employed individuals by the working-age population and multiply by 100.
For example, if the employment is 139.1 million and the working-age population is 237.9 million, you would calculate:

\[ \text{Employment-to-Population Ratio} = \frac{\text{Employment}}{\text{Working-age population}} \times 100 \]\[= \frac{139.1 \text{ million}}{237.9 \text{ million}} \times 100 \]\[\thickapprox 58.5\% \]
This means 58.5% of the working-age population was employed in 2010.