Question

1. employment statistics can relate valuable information about the economy. in times of prosperity, employment usually increases. however, in some industries, jobs may decrease even in times of prosperity if the production of goods to satisfy needs and wants is changing. a recent statistical abstract of the united states contains the following employment data for sectors of the u.s. economy for a four - year period.

industry	employment (in millions)		percentage of change	rank in no. of jobs
wholesale/retail	20.0	20.7
finance/real estate	9.4	9.7
transportation and utilities	7.4	7.0
construction	9.9	10.1
manufacturing	19.6	16.9
education and health services	26.2	28.3
professional, business and other services	20.1	20.7

1. calculate the percentage of change in each of the categories and record it in the table. round off your answers to the nearest percent.
2. was there a decrease in employment in any category? if so, which one(s)?
3. rank the categories based on the total number of people employed in each industry in year 4. which category employed the most people?
4. which category experienced the greatest percentage of increase? how many people does that percentage of increase represent?
5. what conclusions about the u.s. economy can you draw from this table?

Explanation:

formula
The formula for percentage change is $\text{Percentage Change}=\frac{\text{Year 4}-\text{Year 1}}{\text{Year 1}}\times100\%$.

Step2: Calculate for Wholesale/Retail

$\text{Percentage Change}=\frac{20.7 - 20.0}{20.0}\times100\%=\frac{0.7}{20.0}\times100\% = 3.5\%\approx4\%$.

Step3: Calculate for Finance/Real Estate

$\text{Percentage Change}=\frac{9.7 - 9.4}{9.4}\times100\%=\frac{0.3}{9.4}\times100\%\approx3.2\%\approx3\%$.

Step4: Calculate for Transportation and Utilities

$\text{Percentage Change}=\frac{7.0 - 7.4}{7.4}\times100\%=\frac{- 0.4}{7.4}\times100\%\approx - 5.4\%\approx - 5\%$.

Step5: Calculate for Construction

$\text{Percentage Change}=\frac{10.1 - 9.9}{9.9}\times100\%=\frac{0.2}{9.9}\times100\%\approx2.0\%\approx2\%$.

Step6: Calculate for Manufacturing

$\text{Percentage Change}=\frac{16.9 - 19.6}{19.6}\times100\%=\frac{-2.7}{19.6}\times100\%\approx - 13.8\%\approx - 14\%$.

Step7: Calculate for Education and Health Services

$\text{Percentage Change}=\frac{28.3 - 26.2}{26.2}\times100\%=\frac{2.1}{26.2}\times100\%\approx8.0\%\approx8\%$.

Step8: Calculate for Professional, Business and other Services

$\text{Percentage Change}=\frac{20.7 - 20.1}{20.1}\times100\%=\frac{0.6}{20.1}\times100\%\approx3.0\%\approx3\%$.

Step9: Answer question 2

Yes, there is a decrease in Transportation and Utilities and Manufacturing as the percentage - change values are negative.

Step10: Rank industries in Year 4

In Year 4, ranking from highest to lowest employment: Education and Health Services (28.3 million), Wholesale/Retail (20.7 million), Professional, Business and other Services (20.7 million), Manufacturing (16.9 million), Construction (10.1 million), Finance/Real Estate (9.7 million), Transportation and Utilities (7.0 million). The category that employed the most people is Education and Health Services.

Step11: Find greatest percentage increase

The greatest percentage increase is in Education and Health Services with 8%. The increase in number of people is $28.3 - 26.2=2.1$ million.

Step12: Answer question 5

The U.S. economy shows a mixed - bag of trends. Some sectors like Education and Health Services, Wholesale/Retail, and Professional, Business and other Services have seen growth in employment. However, Manufacturing and Transportation and Utilities have experienced a decline in employment, indicating a possible shift in the economic structure.

Answer:

1. Wholesale/Retail: 4%, Finance/Real Estate: 3%, Transportation and Utilities: - 5%, Construction: 2%, Manufacturing: - 14%, Education and Health Services: 8%, Professional, Business and other Services: 3%
2. Yes, Transportation and Utilities and Manufacturing.
3. Education and Health Services employed the most people. Ranking (highest to lowest in Year 4): Education and Health Services, Wholesale/Retail, Professional, Business and other Services, Manufacturing, Construction, Finance/Real Estate, Transportation and Utilities.
4. Education and Health Services experienced the greatest percentage of increase. The increase represents 2.1 million people.
5. The U.S. economy shows a mixed - bag of trends with some sectors growing and some declining, indicating a possible shift in the economic structure.