Question

How do we figure out the unemployment rate?

Answer 1

The formula for unemployment rate is: Unemployment Rate = Number of Unemployed Persons / Labor Force. The labor force is the sum of unemployed and employed persons. By dividing the number of individuals whom are unemployed by labor force, you'll find the labor force participation, or unemployment rate.

Answer 2

The formula for unemployment rate is:

Unemployment Rate = Number of Unemployed Persons / Labor Force.

Step-by-step explanation:

The labor force is the sum of unemployed and employed people. When you divide the number of people who are unemployed by labor force, you can find the unemployment rate.