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Calculate the unemployment rate for 2007. Compute the CPI.

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The Bureau of Labor Statistics reported that in May 2007 the total labor force was 152,762,000 of a possible 231,480,000 working-age adults. The total number of unemployed was 6,819,000. From this information, what would be the Unemployment rate?

The price level of a basket of goods in 2006 was $64. The price level of that same basket of goods in 2007 was $68. If 2006 is the base year, what was the Consumer Price Index in 2007?

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Solution Summary

The cited solution explains and discloses the calculations for the unemployment rate and the Consumer Price Index (CPI) for 2007.

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The unemployment rate is calculated as follows:

The formula for calculating the unemployment rate (expressed as a percent) is as follows:
Unemployment Rate = (Unemployed Workers / Total Labor Force) * 100
For example: A small country has a population of 15,000 people. ...

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