In July 2014, in the economy of Sandy Island,
10,000 people were employed, 1,000 were unemployed, and 5,000 were not in the labour force.
During August 2014, 80 people lost their jobs
and didn’t look for new ones, 20 people quit
their jobs and retired, 150 unemployed people
were hired, 50 people quit the labour force, and
40 people entered the labour force to look for
work. Calculate for July 2014:
a. The unemployment rate.
b. The employment-to-population ratio.
And calculate for the end of August 2014:
c. The number of people unemployed, the number employed, and the unemployment rate.
Use the following data to work Problems 3 and 4.
In July 2011, the Canadian unemployment rate was
7.2 percent. In January 2012, the unemployment
rate was 7.6 percent. Predict what happened to: