Question

Suppose that the Bureau of Labor Statistics reports that the entire adult population of US can be categorized as follows: 26 million people employed, 4 million people unemployed, 2 million discouraged workers, and 3 million people who are either students, homemakers, retirees, or other people not seeking employment.

The unemployment rate in US is ............. percent

(Please round your result to 2 decimal places)

Answer 1

Answer) Unemployment rate is calculated by dividing total unemployed people who are actively looking for the employment by total population (for % we multiply it by 100),we do not count discouraged workers under unemployed people,so total population is 35 million(26+4+2+3) people and total unemployed people is 4 million people,so total unemployment rate is (4/35)*100=11.43% (rounding off to 2 decimals)

So unemployment rate is 11.43%

Answer is complete.Thank you!