Define unemployment and how it is expressed in most countries. explain also the significance of the analysis of un-employment rate

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Expert Solution

Unemployment rate (number of unemployed / number in the labor force) =%

The unemployment rate is one of the most closely watched statistics because a rising rate is seen as a sign of a weakening economy that may call for a cut in interest rate. A falling rate, similarly, indicates a growing economy which is usually accompanied by a higher inflation rate and may call for an increase in interest rates.

it is the Percentage of the total workforce who are unemployed and are actively seeking a paid job. in most of the countries, it is expressed as shown in the explanation below

joseph irungu answered 2 years ago

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