Question

The unemployment rate in March was 7.6% and in April it increased to 8.0%. If the...

The unemployment rate in March was 7.6% and in April it increased to 8.0%. If the job finding rate is 30%, what is the job loss rate?

3.5%

3.1%

3.3%

2.7%

2.9%
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Answer #1

7.6% unemployment means that out of 100 people(hypothetically), 7.6 are unemployed and 92.4 of them are employed.

The job finding rate is the ratio of unemployed people who get jobs next month.

If the rate is 30%, then 7.6%*0.3=2.28% got jobs next month.

Since the unemployment rate is 8% in April, the increase in unemployment is 0.4%

So, due to job loss, the increase is 0.4+2.28 = 2.68%

Thus, job loss rate is 2.68/92.8=2.8879%

Thus, the correct option is E 2.9%

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