Unemployment Rate?
Answer:
Here's how to figure out the math.
500 in community
- 400 gainfully employed
balance 100 people or 20% of the population
Hang on - It looks like you have two totally different situations here. What is the population of the community. That's what is missing and the key to figuring this out.
So, there are 500 people eligible to work (including the 400 gainfully employed people. 100 people who do not have a job and are not looking for work. So the community now has 600 people over 16, plus 200 more people, so the total population is now 800.
Now that we know the total population (800) and know that 100 people are looking for work, the unemployment rate would be 1 out of 8 people or 1/8 of the population. 1/4 is 25%, and 1/8 is half of that, so it's 12.5%.
If I'm correct, the unemployment rate is really 12.5% of the total population.
But if it's only based on people who are over 16, the unemployment rate is 100 out of 700 (the 500 in the labor force, the 100 who are looking for work, and the 100 who are not looking for work). That means its 1/7 of the population is the unemployment rate.
If the unemployment rate is based on the true picture, you only look at the 500 people who are either looking for work, or already employed. So, 100 out of 500 are looking for work, which is 20% unemployment rate.
as far as I can tell the UR is 20%
but here is the thing- people over the age of 16 not looking for work are not considered part of the labor force (remember to be in the civilian labor force you must be READY, WILLING, AND ABLE) if you are not looking then you are not willing
people under the age of 16 are not counted in the civilian labor force
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