During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.

During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 11CQ

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Not all groups in our society experience equal opportunity to work. The purpose of this discussion board is to allow you to research and explain the causes of disparity between current total U.S. unemployment and the unemployment rate for a demographic of your choice. Do not just list unemployment rates. Explain what causes the rates for the demographic of your choice to be different from the National average. Visit the Bureau of Labor Statistics website. What is the current national unemployment rate? Find the unemployment rate for the demographic group that best fits a description of you (for example, based on age, sex, and race) or choose a demographic group of interest. Is the rate for that demographic higher or lower than the national average? What are some reasons for the differences? Do some research in support of what you present. What factors contribute to the differences? Covid-19 caveat: The Pandemic did not necessarily impact all demographics in the same way.
Identify what happens to unemployment
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If 2 million people are unemployed and 8 million people are employed, calculate the unemployment rate. Put your answer in percent (but leave off the percent sign).
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In a country with a working-age population of 22 million, 16 million are employed, 2 million are unemployed, and 1 million of the employed are working part-time, half of whom wish to work full-time. The unemployment rate is 1) 10 percent. 2) 10.3 percent. 3) 11.1 percent. 4) 15.4 percent. 5) 2 percent.
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