Question

if 14.6 million people are unemployed, 155.5 million people are employed, and 7.9 million people are institutionalized, what is the unemployment rate?

Answer 1

If 14.6 million people are unemployed, 155.5 million people are employed, and 7.9 million people are institutionalized, the unemployment rate is 8.6%

Unemployment rate =( number of unemployed person *100)/number of employed person

here

The number of unemployed person=14.6

The number of employed person=155.5

Unemployment rate =(14.6*100)/155.5

Unemployment rate =1460/155.5

Unemployment rate =8.58

so approximately Unemployment rate  is 8.6%

• The proportion of the labor force that is unemployed is known as the unemployment rate. It is a lagging indicator, which means that instead of rising or falling in advance of shifting economic conditions, it typically does so in response to them. The unemployment rate is likely to increase when there are few jobs available and the economy is struggling. It is predicted to decline when the economy is expanding healthily and there are plenty of employment available.

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