1.In July 2007, in the economy of Sandy Island, 10’000 people were employed, 1,000 were unemployed, and 5,000 were not in the labor force. During August 2007, 80 people lost their jobs, 20 people quit their jobs, 150 people were hired or recalled,50 withrew from the labor force, and 40 people entered or reentered the labor force, Calculate for July 2007.
a.The unemployment rate.
b.The employment-to-population ratio.
And calculate for the end of August 2007
c.The number of people unemployed.
d.The number of people employed.
e.The unemployment rate.
2.In the New Orleans metropolitan area in August 2005, the labor force was 634,512 and 35,222 people were unemployed. In September 2005 following Hurricane Katrina, the labor force fell by 156,518 and the number employed fell by 206,024. Calculate the unemployment rate in August 2005 and in September 2005.
a.August 2005-
b.September 2005-