Answer:
The unemployment rate is approximately 6.5% (rounded to one decimal place).
Step-by-step explanation:
To find the unemployment rate, we need to divide the number of unemployed by the labor force and multiply by 100 to express it as a percentage:
Unemployment rate = (Number of unemployed / Labor force) x 100%
Plugging in the given values, we get:
Unemployment rate = (7.7 million / 119 million) x 100% ≈ 6.47%
Therefore, the unemployment rate is approximately 6.5% (rounded to one decimal place).
In depth:
The unemployment rate is a key indicator of the health of an economy. It measures the percentage of the labor force that is unemployed and actively seeking work. In the given scenario, the unemployment rate is calculated by dividing the number of people who are unemployed by the total labor force, and then multiplying by 100 to express it as a percentage.
In this case, we have been given the following information:
The population of the economy is 213 million.
The labor force consists of 119 million people.
The number of people employed is 111.3 million.
The number of people unemployed is 7.7 million.
To calculate the unemployment rate, we use the formula:
Unemployment rate = (Number of unemployed / Labor force) x 100%
Plugging in the values given in the scenario, we get:
Unemployment rate = (7.7 million / 119 million) x 100% ≈ 6.47%
This means that around 6.5% of the labor force is unemployed and actively seeking work.
A low unemployment rate is generally considered a sign of a healthy economy, as it suggests that there are plenty of job opportunities available for workers. Conversely, a high unemployment rate indicates that there is a shortage of jobs, which can lead to economic hardship for individuals and families. Governments and policy-makers often use the unemployment rate as a tool to assess the overall health of the economy and make decisions about economic policy.
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