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Figuring out the unemployment rate seems simple enough: Look at the overall workforce, determine the percentage of people not working and — presto — you have the unemployment rate.
Alas, as with most things in life, it’s not that simple. As this Khan Academy video shows, you have to account for many other factors when calculating the unemployment rate. Those factors can create some bizarre outcomes — such as a horrible economy that actually causes the unemployment rate to fall.
Check out the video to learn more.
For more employment tips and advice, check out:
- “5 Ideas That Will Make Your Next Job Search Fun and Successful”
- “Find Great Jobs With Companies That Want You to Work From Home”
- “How to Use Google’s Revolutionary Job Search Tool”
Are you surprised at how the unemployment rate is calculated? Sound off by commenting below or on our Facebook page.