to specific questions related to employment security, spending behaviour, and generally how things are going with the economy. Explanation of Unemployment Rate:
Low rate- It shows that high numbers of people are getting employed everywhere. This will increase the level of consumption among the consumers because more people are earning members. Therefore, it leads to a boom in the economy.
High rate- Usually signifies that the economy is in trouble and lesser people are working, and very probably leads to lesser consumer consumption and the economy slows down.
Why It Matters: For households, the unemployment rate may impact particular labor market opportunities. For businesses and shareholders, high unemployment lowers consumers' purchasing