If the size of the labor force is 250.5 million, and 243.5 million people are employed, what is the unemployment rate

2.8%

Explanation:

Unemployment is a situation in which qualified people who are willing and able to work could not get an appropriate job.

unemployment rate = x 100

number of unemployed people = labor force - number of employed

                                       = (250.5 - 243.5) million

                                       = 7 million

The number of unemployed people is 7 million.

So that,

unemployment rate = x 100

                                 = 0.02794 x 100

                                 = 2.8%

Therefore, the unemployment rate is 2.8%

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