Under normal economic conditions, including the situation in which there is no surprise inflation, we expect the unemployment rate to be around 4% to 6%.
What is the unemployment rate?
- The unemployment rate is the proportion of people in the labor force who are out of work.
- As a result, calculating the unemployment rate necessitates determining who is in the labor force.
- People in the labor force are either employed or unemployed.
- Economists generally agree that in a normal economy, an unemployment rate of 4 to 6 percent is normal.
- Sometimes people are underemployed because they are working a job for which they are overqualified, or they are working part-time when they want to work full-time.
Therefore, under normal economic conditions, including the situation in which there is no surprise inflation, we expect the unemployment rate to be around 4% to 6%.
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