What is the Unemployment Rate?
An unemployment rate is a statistic that calculates the percentage of a country’s or state’s population that is jobless during a certain period of time.
How is the Unemployment Rate Calculated?
Labour Force – This is the number of people in a country who are able to work.
Example:
A country’s working population is estimated to be 6,500,000. A survey was done to find out the population of the unemployed and they found it to be 3,250,000.Calculate the unemployment rate.
