Unemployed people refers to those people who are over 16 years and are ready to work but do have jobs. It is calculated by diving number of the people who are unemployed are by total number of labor force multiplied by 100. The formula is;
Unemployment Rate= Unemployed people/Total labor force.
In this question;
The unemployed people are= 1,800,000+ 40,000+ 250,000= 2090,000 people.
Unemployed people= 40,000
Thus,
Unemployment Rate= 40,000/2,090,000*100%
=1.9%
What is the formula for the labour force participation rate? And if so how do you calculate this?
Labor force participation rate is calculated by dividing total number of people employed with the total population and then multiply by 100. The formula is;
Participation rate= Employed people/Total population
In the question;
Employed people= 1, 800, 000
Total population=2,090,000
Thus,
Participation rate=1800000/2090000*100
=86.1%
Comments
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