According to the graph, only 4 thousand associates are employed at $9 per hour. Yes, there is unemployment with an unemployment rate of 4%.
What is the Unemployment rate?
- The proportion of the labor force that is unemployed is known as the unemployment rate.
- Unemployment rate is a lagging indicator, which means that instead of rising or falling in advance of shifting economic conditions, it typically does so in response to them.
- The unemployment rate is likely to increase when there are few jobs available and the economy is struggling.
- The unemployment rate is predicted to decline when the economy is expanding healthily and there are plenty of employment available.
- The percentage of the labor force that is neither employed nor actively seeking employment is known as the unemployment rate.
- The Bureau of Labor Statistics uses six distinct methods and many factors to determine the unemployment rate.
The Tennessee state government enacts a minimum wage of $9 per hour.
And only 4 thousand associates are employed at $9 per hour.
but the demand is 8 thousand associates
unemployment rate = demand - employed
unemployment rate = 8-4 =4%
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