I recently read news (that was presented in a very grim way) that a city’s unemployment rate rose to 6%.
So this means that out of all the people of working-age in that city, 94% of them were employed right?
Isn’t that a really good scenario? 94% is very close to 100% right?
I’m also surprised by this figure because the way the people are talking about the job market, it sounds like a huge number of people are unemployed and only a lucky few have jobs. Many people have said that about half of new-graduates cannot land their first job.
Am I missing something here?
In: Economics
The unemployment rate is how many people are receiving unemployment benefits. It’s not the same as labor force participation. The people on unemployment are generally seeking jobs.
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