Question

ASAP PLS !! In July 2023, 250,075 thousand of US residents were employed and 45,115 thousand

were unemployed. Find the unemployment rate for July 2023.
# of people unemployed-
# of people employed-
Unemployment Rate-
I

Answer 1

The unemployment rate for July 2023 is calculated by dividing the number of unemployed people (45.115 million) by the total labor force (295.19 million), and then multiplying by 100 to get a percentage, which results in a rate of 15.28%.

Step-by-step explanation:

To calculate the unemployment rate for July 2023, use the following formula:

Unemployment Rate = (Number of Unemployed People ÷ Labor Force) × 100

The labor force is the sum of the number of people employed and the number of people unemployed. In this case:

• Number of people employed: 250,075 thousand (or 250.075 million)
• Number of people unemployed: 45,115 thousand (or 45.115 million)

Therefore, the labor force is:

Labor Force = 250.075 million + 45.115 million = 295.19 million

The unemployment rate is then calculated as:

Unemployment Rate = (45.115 million ÷ 295.19 million) × 100

Unemployment Rate = (0.1528) × 100 = 15.28%

The unemployment rate for July 2023 is 15.28%.