Problem Set 3
Instructions
Answer
b. Labor force participation rate.Civilian labor force is a word utilized by the U.S. Bureau of Labor Statistics (BLS) to describe the subset of Americans who are either searching for jobs or who already have jobs. These civilians are at least 16 years of age, not institutionalized nor serving in the military. On the other hand, the labor force participation rate is the evaluation of the active or dynamic workforce in an economy. The formula for the evaluation is the sum of all active job seekers or workers that are already working divided by the age of the population of the total number of non-institutionised or civilian. Statistics portrayed by the U.S. Bureau of Labor Statistics (BLS) outlines that the labor participation rate in the US in August 20202 was 61.7%.Discuss whether you thin...
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