Question

The Canadian labor force as of 2019 was 32.7 million. There were 30.9 million employed What the unemployment rate would be?

Answer 1

The unemployment rate would be 5.5%.

Explanation:

It is given that,

The Canadian labor force as of 2019 was 32.7 million.

There were 30.9 million employed

We need to find the unemployment rate.

Unemployed = labor force - employed

= 32.7 - 30.9

= 1.8 million

`\text{unemployment rate}=\frac{\text{unemployed}}{\text{labor force}}* 100\\\\=(1.8)/(32.7)* 100\\\\=5.5\%`

So, the unemployment rate would be 5.5%.