Question

A newspaper article recently stated that there are 45.06 million people over the age of 16 who have completed college education. Of this number, 36.21 million are in the labor force and 35.44 million are employed. What is the unemployment rate for this group of people above the age of 16?

Answer 1

2.13%

Step-by-step explanation:

The computation of the unemployed rate is shown below:

Unemployment rate = (Number of Unemployed workers) ÷ (Total labor force) × 100

where,

Number of unemployed workers = Labor force - employed workers

= 36.21 million - 35.44 million

= 0.77 million

And, the labor force is 36.21 million

So, the unemployment rate is

= 0.77 million ÷ 36.21 million

= 2.13%