The unemployment rate is 7%
Total number of people in the population = 3000
Employed people = 930
Unemployed people = 70
Discouraged workers = 100
The level of active and capable people who are unemployed in a nation is determined by the rate of unemployment. The rate makes it possible to calculate current unemployment rates and determine which industries are shedding jobs at a quicker rate.
The number of unemployed divided by the total labor force is known as the unemployment rate. The sum of employed people and unemployed people is known as the labor force.
Calculating the total workforce
= Employed people. + Unemployed people
= 930 + 70
= 1000
Calculating the unemployment rate -
= Employed people / Workforce × 100
= 70/1,000 × 100
= 7
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