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The u.s economy has population of 330 million people and economy _wide unemployment rate of 4.....

The u.s economy has population of 330 million people and economy _wide unemployment rate of 4.. described and explain how the official unemployment is calculated. Provide a formula in your answer. Described what this 4.1 means. Not more than five lines answer

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Answer #1

The official unemployment rate of any country can be expressed as the total number of unemployed citizens as a percentage of the total labor force which is the sum of all employed and unemployed citizens.

Unemployment Rate= Number of unemployed persons/Labor force

So unemployment rate mainly indicates the active citizens who are currently looking for the job opportunity.

The unemployment rate of 4.1 indicates that out of 100 individuals in the labor force, 4.1 individuals are not having jobs and they all actively looking for it. An unemployment rate of 4.1 is quite good and is considered to be a low ratio.

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