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Unemployment rate

The unemployment rate is the share of people in the labour force who don't have a job but are looking for one. People not looking aren't counted.

Economists separate frictional (between jobs), structural (skills don't match jobs) and cyclical (caused by a downturn) unemployment.

Related terms

  • Recession: A recession is a significant, widespread fall in economic activity that lasts more than a few months.
  • GDP (gross domestic product): GDP is the total market value of all final goods and services produced in a country in a period.
  • Stagflation: Stagflation is high inflation combined with slow growth and high unemployment.

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