Final answer:
To calculate the unemployment rate, subtract the total number of employed people from the labor force to find the number of unemployed. Then, divide this number by the total labor force and multiply by 100 to get the percentage. The calculation reveals an unemployment rate of 3.7%.
Step-by-step explanation:
To calculate the unemployment rate, we need to follow a two-step process using the figures provided for the U.S. population and labor force. According to the given data, the U.S. population is 275 million, the labor force comprises 135 million individuals, and 130 million people are employed.
Steps to Calculate Unemployment Rate
1. Subtract the number of employed individuals from the total labor force to find the number of unemployed people. In this case, we have 135 million in the labor force minus the 130 million employed, which leaves us with 5 million unemployed people.
2. Divide the number of unemployed people (5 million) by the total labor force (135 million). This calculation gives us approximately 0.03704.
3. Multiply the result by 100 to find the percentage. So, 0.03704 multiplied by 100 results in an unemployment rate of 3.7%.
By following these steps, we establish that the calculated unemployment rate is 3.7% for the given population and labor force figures.