Answer to Question #189782 in Macroeconomics for zohan

Question

In 2017-18, the Pakistan Bureau of Statistics announced that of all adult Pakistanis, 59,786,200 were employed, 3,613,800 were unemployed, and 58,800,000 were not in the labor force. Use this information to calculate the unemployment rate

Answer 1

The labor force in the economy:

Labor force  =employed + unemployed

$=59,786,200+3,613,800=63,400,000$

Unemployment rate:

$=\frac{Number of unemployed}{labor force}×100$

$\frac{3,613,800}{63,400,000}×100$

$5.7\%$