What is the unemployment rate and how is it calculated?

What is the unemployment rate and how is it calculated?

The unemployment rate is a measure of the percentage of the labor force that is unemployed and actively seeking employment. It is calculated by dividing the number of unemployed individuals by the total labor force and multiplying the result by 100. The formula for calculating the unemployment rate is:

Unemployment Rate = (Number of Unemployed / Labor Force) x 100