Questions: The following table contains U.S. employment information from August 2018. Civilian Population (Persons 16 years old and over) Employed (Persons) Unemployed (Persons) Discouraged (Persons) ------------ 258,066,000 155,604,000 6,197,000 434,000 The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows: U-4 = 100 × (Unemployed + Discouraged) / (Labor Force + Discouraged) Fill in the following table by calculating the official unemployment rate and the U-4 measure of labor underutilization. Official Unemployment Rate U-4 Measure of Labor Underutilization (Percent) (Percent) The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy. If the Bureau of Labor Statistics were to include discouraged workers in the official unemployment rate, the reported unemployment rate would

The following table contains U.S. employment information from August 2018. Civilian Population (Persons 16 years old and over) Employed (Persons) Unemployed (Persons) Discouraged (Persons) ------------ 258,066,000 155,604,000 6,197,000 434,000 The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows: U-4 = 100 × (Unemployed + Discouraged) / (Labor Force + Discouraged) Fill in the following table by calculating the official unemployment rate and the U-4 measure of labor underutilization. Official Unemployment Rate U-4 Measure of Labor Underutilization (Percent) (Percent) The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy. If the Bureau of Labor Statistics were to include discouraged workers in the official unemployment rate, the reported unemployment rate would
Transcript text: The following table contains U.S. employment information from August 2018. $\qquad$ \begin{tabular}{ccccc} \begin{tabular}{c} Civilian Population \\ (Persons 16 years old and over) \end{tabular} & \begin{tabular}{c} Employed \\ (Persons) \end{tabular} & \begin{tabular}{c} Unemployed \\ (Persons) \end{tabular} & \begin{tabular}{c} Discouraged \\ (Persons) \end{tabular} \\ \hline $258,066,000$ & $155,604,000$ & $6,197,000$ & 434,000 \\ \hline \end{tabular} The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows: $\qquad$ \[ \text { U-4 }=100 \times \frac{\text { Unemployed }+ \text { Discouraged }}{\text { Labor Force }+ \text { Discourged }} \] $\qquad$ Fill in the following table by calculating the official unemployment rate and the $U-4$ measure of labor underutilization. Official Unemployment Rate U-4 Measure of Labor Underutilization (Percent) $\qquad$ (Percent) $\qquad$ The official unemployment rate and the U-4 measure of labor underutilization are two different measures of joblessness in the economy. If the Bureau of Labor Statistics were to include discouraged workers in the official unemployment rate, the reported unemployment rate would $\qquad$
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Solution

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Solution Steps

To solve this problem, we need to calculate two different measures of joblessness: the official unemployment rate and the U-4 measure of labor underutilization.

  1. Official Unemployment Rate: This is calculated as the number of unemployed persons divided by the labor force (employed + unemployed), multiplied by 100 to get a percentage.
  2. U-4 Measure of Labor Underutilization: This is calculated as the sum of unemployed and discouraged workers divided by the sum of the labor force and discouraged workers, multiplied by 100 to get a percentage.
Step 1: Calculate the Labor Force

The labor force is the sum of employed and unemployed persons. Thus, we have:

\[ \text{Labor Force} = \text{Employed} + \text{Unemployed} = 155604000 + 6197000 = 161801000 \]

Step 2: Calculate the Official Unemployment Rate

The official unemployment rate is calculated using the formula:

\[ \text{Official Unemployment Rate} = 100 \times \frac{\text{Unemployed}}{\text{Labor Force}} = 100 \times \frac{6197000}{161801000} \approx 3.8300\% \]

Step 3: Calculate the U-4 Measure of Labor Underutilization

The U-4 measure of labor underutilization includes both unemployed and discouraged workers. It is calculated as follows:

\[ \text{U-4 Measure} = 100 \times \frac{\text{Unemployed} + \text{Discouraged}}{\text{Labor Force} + \text{Discouraged}} = 100 \times \frac{6197000 + 434000}{161801000 + 434000} \approx 4.0873\% \]

Final Answer

The results are:

  • Official Unemployment Rate: \( \boxed{3.83\%} \)
  • U-4 Measure of Labor Underutilization: \( \boxed{4.09\%} \)
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