Unemployment rate is the percentage of people from total labor force who are actively seeking for job and not able to find it.
Formula to calculate unemployment rate:
Unemployment rate = (Number of unemployed/Labor force) *100
Unemployment rate when number of unemployed were 5.3 million
= (5300000/75000000) *100
= 7.07%
Unemployment rate when number of unemployed were 3.9 million
= (3900000/75000000) *100
= 5.2%
Unemployment decreased from 7.07% to 5.2%.
