29. employment statistics can relate valuable information about the economy. in times of prosperity…

29. 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 span.\n\nindustry\tyear 1\tyear 4\nwholesale/retail\t20.0\t20.7\nfinance/real estate\t9.4\t9.7\ntransportation and utilities\t7.4\t7.0\nconstruction\t9.9\t10.1\nmanufacturing\t19.6\t16.9\neducation and health services\t26.2\t28.3\nprofessional, business and other services\t20.1\t20.7\n\n1. calculate the percentage of change in each of the categories and record it in the table. round off your

29. 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 span.\n\nindustry\tyear 1\tyear 4\nwholesale/retail\t20.0\t20.7\nfinance/real estate\t9.4\t9.7\ntransportation and utilities\t7.4\t7.0\nconstruction\t9.9\t10.1\nmanufacturing\t19.6\t16.9\neducation and health services\t26.2\t28.3\nprofessional, business and other services\t20.1\t20.7\n\n1. calculate the percentage of change in each of the categories and record it in the table. round off your

Answer

Explanation:

Step1: Recall percentage - change formula

The formula for percentage change is $\text{Percentage Change}=\frac{\text{New Value}-\text{Old Value}}{\text{Old Value}}\times100%$.

Step2: Calculate for Wholesale/Retail

For Wholesale/Retail, Old Value = 20.0, New Value = 20.7. $\text{Percentage Change}=\frac{20.7 - 20.0}{20.0}\times100%=\frac{0.7}{20.0}\times100% = 3.5%\approx4%$.

Step3: Calculate for Finance/Real Estate

For Finance/Real Estate, Old Value = 9.4, New Value = 9.7. $\text{Percentage Change}=\frac{9.7 - 9.4}{9.4}\times100%=\frac{0.3}{9.4}\times100%\approx3.2%\approx3%$.

Step4: Calculate for Transportation and Utilities

For Transportation and Utilities, Old Value = 7.4, New Value = 7.0. $\text{Percentage Change}=\frac{7.0 - 7.4}{7.4}\times100%=\frac{- 0.4}{7.4}\times100%\approx - 5.4%\approx - 5%$. The absolute - value is 5%.

Step5: Calculate for Construction

For Construction, Old Value = 9.9, New Value = 10.1. $\text{Percentage Change}=\frac{10.1 - 9.9}{9.9}\times100%=\frac{0.2}{9.9}\times100%\approx2.02%\approx2%$.

Step6: Calculate for Manufacturing

For Manufacturing, Old Value = 19.6, New Value = 16.9. $\text{Percentage Change}=\frac{16.9 - 19.6}{19.6}\times100%=\frac{-2.7}{19.6}\times100%\approx - 13.78%\approx - 14%$. The absolute - value is 14%.

Step7: Calculate for Education and Health Services

For Education and Health Services, Old Value = 26.2, New Value = 28.3. $\text{Percentage Change}=\frac{28.3 - 26.2}{26.2}\times100%=\frac{2.1}{26.2}\times100%\approx8.02%\approx8%$.

Step8: Calculate for Professional, Business and other Services

For Professional, Business and other Services, Old Value = 20.1, New Value = 20.7. $\text{Percentage Change}=\frac{20.7 - 20.1}{20.1}\times100%=\frac{0.6}{20.1}\times100%\approx3.0%\approx3%$.

Answer:

INDUSTRY PERCENTAGE OF CHANGE
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%