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Homework answers / question archive / Labor force and unemployment rate in USA from (2008-2019)

Labor force and unemployment rate in USA from (2008-2019)

Economics

Labor force and unemployment rate in USA from (2008-2019)

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Answer to the question:

Total Labour Force: Number of people in an economy in teh age group of 15-60 and are looking for job at current wage rate are considered as labour force.

Unemploymend rate: It is the ratio of total unemployed in an economy and the total labour force in an economy multiplied by 100. In other words, number of unemployed people per 100 labour force.

Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Labour force in Million 154.29 154.14 153.89 153.62 154.98 155.39 155.92 157.13 159.19 160.32 162.07 163.54
Unemployment Rate (%) 5.78 9.25 9.63 8.95 8.07 7.38 6.17 5.28 4.87 4.36 3.9 3.68