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Answer :
To calculate the labor-force participation rate and the unemployment rate for this group, we need to use the following formulas:
Labor-force participation rate = (Labor force / Working-age population) x 100
Unemployment rate = (Unemployed / Labor force) x 100
First, we need to calculate the labor force for this group:
Labor force = Employed + Unemployed
Labor force = 36.3 million + 1.2 million
Labor force = 37.5 million
Next, we need to calculate the working-age population for this group.
The Bureau of Labor Statistics defines the working-age population as those who are 16 years and older and not in the military or institutionalized.
However, since the question only gives us information about those over age 25, we will assume that the working-age population for this group is the number of people over age 25 in the US.
According to the US Census Bureau, this was approximately 164 million in 2018.
Working-age population = 164 million
Now we can calculate the labor-force participation rate:
Labor-force participation rate = (37.5 million / 164 million) x 100
Labor-force participation rate = 22.87%
Finally, we can calculate the unemployment rate:
Unemployment rate = (1.2 million / 37.5 million) x 100
Unemployment rate = 3.2%
Therefore, the labor-force participation rate for this group is 22.87% and the unemployment rate is 3.2%.
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