The unemployment rate is a national and state percentage of the amount of workers who are jobless within the entire labor force. This jobless rate is calculated every month based on certain factors and statistical data gathered by the Bureau of Labor Statistics. The unemployment rate is an important piece of data to keep track of, as it measures the state of the economy, as well as provides important information regarding the economic trends in each state. This is vital when determining the budget for the state’s unemployment insurance program. The bureau calculates this rate by taking the number of people who are without employment but available to work and dividing it into the number of total workers in the labor force. That number is then turned into a percentage, which becomes representative of the jobless workers in that state.
For those still struggling with unemployment, perhaps considering unemployment insurance benefits is an option. Unemployment benefits are offered on a state-level for those who qualify for temporary wage assistance. Eligibility requirements are enforced and will be a deciding factor in whether or not benefits are applicable.