Explanation of how to calculate the unemployment rate using examples and reasons for increases in employment and unemployment rate.
Unemployment rate is calculated by dividing the number of unemployed individuals by the total number of employed individuals in the labor force. The result is expressed as a percentage and gives the rate of unemployment.
In the example provided, the unemployment rate for Year 1 can be calculated by dividing the number of unemployed individuals by the total number of individuals in the labor force for that year. Similarly, the rate for Year 2 can be computed in the same manner.
When both the number of people employed and the unemployment rate increase in an example, it could indicate a growing labor force, a rise in population, or changes in economic conditions affecting employment opportunities.
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