# Basic question on calculating unemployment rates

I would like to know if I have interpreted the following statement correctly and would be grateful of any help at all.

"The unemployment rate for 16-24 year olds not in full-time education was 12.2%"

I read this as the proportion of economically active 16-24 year olds that are not in full-time education and unemployed is 12.2%.

To clarify I believe it says $$12.2\%=\frac{\text{economically active (full time education and unemployed)}}{\text {economically active (FTE unemployed + FTE employed)}}$$

Is this correct? I have looked online and have only seen the term unemployment rate in terms of the general population.

I am not an economist but a maths teacher and require the information to understand material for an upcoming context based exam. I have no trouble with percentages but need to make sure I have interpreted the economics correctly.

Thanks in advance for any clarifications.

I.e. $$12.2\% = \frac{\text{unemployed who are 16-24 years old}}{\text{labour force who are 16-24 years old (employed + unemployed)}}$$