Calculating the unemployment rate given the labor force and the number of people unemployed:
Unemployment rate = number of people unemployed/labor force
However, why is the calculation different (according to how I had to do for an assignment) if the total population is given along with the labor force and number of people unemployed?
Unemployment rate = number of people unemployed/total population
Same thing would apply to calculating the employment rate I'm guessing?
1 answer
prisoners, children, invalids, stay at home moms, handicapped , are generally not in the labor force, but are in the total population