Assume adult males have a 47% share of the work force and their unemployment rate is 8.6%, adult females have a share of 45% and their unemployment rate is 8.4%, and teenagers have a share of 8% and their unemployment rate is 21%.Approximately what is the overall unemployment rate?

Question

Quizplus · Accepted Answer

The overall unemployment rate is calculated by taking the weighted average of the unemployment rates of each group, based on their share of the workforce. The calculation is: (0.47 * 8.6) + (0.45 * 8.4) + (0.08 * 21) = 9.5%.

Assume Adult Males Have a 47% Share of the Work