What is the formula for calculating the unemployment rate and solve the most current rate

Economics Dec 12, 2020

What is the formula for calculating the unemployment rate and solve the most current rate. Hint: search the internet for the most recent data you can find indicating its source.

Expert Solution

Unemployment rate = Number of people who are unemployed / (Number of people who are unemployed + Number of people who are employed)

Please note that unemployed means those who are not in employment and are looking for work actively. It doesn't include those who are not actively looking for work or are discouraged, etc.

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