Assume the following for the town of Boone: it has a total population of 60,000 people, of which 4,000 are under 16 years of age or are institutionalized; 4,000 are full-time students who are not employed and are not seeking work; and 50,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks.What is Boone's unemployment rate?
Answer: Boone's unemployment rate is 3.85%.
We need to calculate the number of people who are unemployed in Boone.
Next we calculate the civilian labor force.
Finally, we calculate the unemployment rate as follows:
Unemployment Rate = 3.85%
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Business, published 27.03.2023
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