Question

Unemployment rate is the percent of the labor force that is without work.It is całeulated as below: Unemployment rate=(Unemployed Workers/Total labor force) x 100. Rates of unemployment, however, differ based on different concepts. Can you suggest some other methods of measuring unemployment? Explain any two. (See Lesson 4)​

Answer 1

Explanation:

The unemployment rate is the percent of the labor force that is jobless. It is a lagging indicator, meaning that it generally rises or falls in the wake of changing economic conditions, rather than anticipating them. When the economy is in poor shape and jobs are scarce, the unemployment rate can be expected to rise. When the economy is growing at a healthy rate and jobs are relatively plentiful, it can be expected to fall.