Question

The Canadian labor force as of 2019 was 32.7 million. There were 30.9 million employed What the unemployment rate would be?

Answer 1

Answer:

The unemployment rate would be 5.5%.

Step-by-step explanation:

It is given that,

The Canadian labor force as of 2019 was 32.7 million.

There were 30.9 million employed

We need to find the unemployment rate.

Unemployed = labor force - employed

= 32.7 - 30.9

= 1.8 million

$\text{unemployment rate}=\dfrac{\text{unemployed}}{\text{labor force}}\times 100\\\\=\dfrac{1.8}{32.7}\times 100\\\\=5.5\%$

So, the unemployment rate would be 5.5%.