During the course of a year, the labor force consists of the same 1,768 people. Of these, 80 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 33 different people become unemployed, and 35 other different people who were unemployed find jobs. Also, 14 different people are unemployed due to seasonal factors. 27 people are unemployed due to the overall decline in the economy. Based on this information, calculate the natural rate of unemployment. Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.
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During the course of a year, the labor force consists of the same 1,768 people. Of these, 80 lack skills that employers desire and hence remain unemployed throughout the year. At the same time, every month during the year, 33 different people become unemployed, and 35 other different people who were unemployed find jobs. Also, 14 different people are unemployed due to seasonal factors. 27 people are unemployed due to the overall decline in the economy. Based on this information, calculate the natural rate of
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