how can employment rate be 70% instead of 93% if unemployment rate is 7%?
In:
Employment rate is the percentage of people who are available to use.
Unemployment rate is the percentage of people who are available to work who are actively seeking a job.
So in your example, only 7% of the remaining 30% are trying to find work.
Because “employment rate” takes into account people who do not wish to work, or are not actively seeking work, while “unemployment rate” excludes these people.
It’s best not to read too much into “employment rates” as they can be artificially buffed very easily.
If you now a lawn once a week for work then you are technically employed, even if you’re looking for work.
Latest Answers