How Is The Unemployment Rate Calculated?

Ever wonder how unemployment rates are calculated?

If so, let me help with that.

Here's how it works. First, government agencies send out a mass survey asking residents if they have a job, or if they've been looking for one in the past 4 weeks.

If the answer is yes to the first question, then they're classified as employed. Otherwise, they're noted as unemployed.

Both of these categories qualify for the Labor Force, or those at or above the age of 16 that are in, or are looking for a job.

If they fit the criteria for the latter, they'll divide the number of unemployed people by the Labor Force population, and multiply that by 100.

Through this, they have their unemployment rate. Although, that's merely through the labor force, as opposed to those who aren't in that department.

It's an issue that puts a cap on its validity, which is why I ask this...

What about those who've given up looking? Are they invisible? Stay tuned for more GLN Stats for more information.

Donation Portals: Ending Poverty: https://bit.ly/3UV5s9Y PayPal: https://bit.ly/3lSKdkZ CashApp: $GaryLamb555

SUBSCRIBE Join this channel to get access to perks: https://www.youtube.com/channel/UCOc5ibiCC-H4Bnuv-FWiqzg/join ... https://www.youtube.com/watch?v=l_ataFYJ3hM