Question

Calculate the unemployment rate when the number of unemployed is 1.5 million and the total labor force is 34 million.

Answer 1

Unemployment Rate can be calculated as follows:

$$U=\dfrac{Unemployed\ People}{Labor\ Fprce}\times100\%,$$ $$U=\dfrac{1500000}{34000000}\times 100\%=4.41\%.$$