Unemployment

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Question

In 2012, a country has an adult population of 40,000,000 people. 3,000,000 people are unemployed and 8,000,000 are not in the labor force. In 2013, 200,000 employed retired, 300,000 employed lost their job and looked for a new one, 250,000 unemployed found a new job and 50,000 freshly graduated students start looking for a job. The adult population remains the same in 2013.

Calculate the unemployment rate and the labor force participation rate in 2012. Show your calculations (at least the formulas).

Calculate the unemployment rate and the labor force participation rate in 2013. Show your calculations.