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SOSC 1510 (104)

unofficial unemployment rates

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York University
Social Science
SOSC 1510
Gabrielle Slowey

Unemployment rates are critical to any economy as it allows governments to have an idea concerning how much of the population is unemployed Unemployment rates can be seen as one of the factors that outline a healthy economy Playing such a vital role we need to be able to understand how unemployment rates are calculated The official unemployment rate is calculated by dividing the number of unemployed people out of work and actively looking for work by the total number of labor force participants people age fifteen and older who are working for pay or looking for workThis is because of the overwhelming amount of people that are overlooked by this calculation who play an important role in the economy Those not included in the official unemployment rate include students who do not want to work while studying people who performed unpaid work at home disabled who are not looking for work and the retired Thus by definition I my self am not included in the official unemployment rate because
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