Buisness Economics

Economic Indicators

Unemployment Rate: An unemployment rate is the rate/number of unemployed people in a region/country.
The unemployment rate is measured by seeing how many people are unemployed out of the total population. However in some small country towns there maybe 50% of the people unemployed where as, in a city like Melbourne the unemployment rate may be 10%. This goes to show that certain areas may vary quite dramatically but the country as a whole stays between 5 and 10 percent.
The unemployment rate in December 2002 was at 6.2%. This is quite good compared to ten years ago in December 1992 when the unemployment rate was at 10.9%. Though it has been down to 5.4% in June 1981 it has seemed to vary between, 0.04% and 2% each year. A reason for Australia’s 10.9% unemployment rate in...