Unemployment rate
Definition
The unemployment rate is the percentage of the labor force that is currently unemployed and actively seeking employment.
Related terms
Labor force participation rate: This term refers to the percentage of the working-age population that is either employed or actively seeking employment.
Frictional unemployment: This term refers to temporary unemployment that occurs when individuals are transitioning between jobs or entering the workforce for the first time.
Structural unemployment: This term refers to long-term unemployment caused by a mismatch between available jobs and workers' skills or location.
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