Definition: Unemployment rate is the percentage of people in a labor force that are unemployed and have been available to work full time.
Unemployment Rate calculator will calculate the unemployment rate, all that's needed is how many people are in the labor force and the number of people that are unemployed.
Unemployment can vary from city to city or country to country. Various factors come into play such as the economy, job growth, ability to look for employment and population density can play a role. You can check out our Population Density Calculator to calculate population density of an area.
Unemployment Rate is often used as an economic statistic with the unemployment rate being a sign of how the economy is doing. If the unemployment rate is quite high, often means that the economy is in a recession.
Were available to work in the last four weeks and seeking a job during that time
Some countries may differ in how they define employed and unemployed people. There are also different forms of unemployment such as discouraged workers, these are people that have looked for a job and does not find employment after long-term unemployment. They have usually given up searching for a job or had no success in obtaining a job, this is where the term discouraged comes from.
Unemployment Rate Formula: (Unemployed / Civilian Labor Force ) x 100.
How to calculate Unemployment Rate
Let's use an example, there are 55,432 US residents that are employed and 7,500 are unemployed. To find the unemployment rate we divide the unemployed by the total labor force. To get the total labor force we add the employed and unemployed.
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