What is Unemployment Rate??

 Unemployment Rate?

The unemployment rate is defined as the Proportion of the labour force who are unemployed. Adjusted for the proportion of total time they are unemployed.

U=(TU/LF)t

={(LF-TE)/LF}t

Where,TU=total number of people who unemployment

TE=Total number of people who are Employed

LF= Labour Force

t= t is the proportion of time the unemployed are on average out of work.

The ratio of U is usually expressed as a percentage.