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Sagot :
True, Since determining how much income places a person in or above poverty is a personal decision, the poverty rate is much less precise than that of the unemployment rate.
What is the unemployment rate?
The most popular measure for assessing the state of the labour market is the unemployment rate. Economic experts refer to the supply of labour (from households) and demand for labour as the labour market (by businesses and other organisations). The unemployment rate is a crucial consideration when considering monetary policy since it can offer information about how the economy is doing more generally.
When a person is ready and able to work but does not have a paid job, they are considered to be unemployed. The proportion of unemployed people in the labor force is known as the unemployment rate. As a result, figuring out who is employed is necessary for calculating the unemployment rate. People who are either employed or jobless make up the labour force. Making practical decisions, such as how much paid work someone must perform in order to be deemed to have a job, as well as actually counting how many people have employment or not is required to determine who is employed or jobless.
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