Question

Suppose that in January there were 5,000,000 workers in the labor​ force, with 4,670,000 employed and 330,000 ​unemployed, implying a 6.6 percent unemployment rate. A month​ later, there were 5,170,000 workers in the labor​ force, with 4,845,000 employed and 325,000 unemployed.​ (Notice the number employed went from 4,670,000 to 4,845,000​, an increase of​ 175,000.)The unemployment rate in February is _____​%.

Answer 1

6.29%

Step-by-step explanation:

The computation of the unemployment rate for the month of February is shown below:

Unemployment rate = Number of people unemployed ÷ Labor force

= 325,000 ÷ 5,170,000

= 6.29%

It is always shown in percentage form

Plus it is a ratio between the number of people unemployed and the labor force

Hence, all other information is not relevant. Therefore, ignored it