A decrease in the number of people who are actively employed or available for work within a specific population or society.
Related terms
Labor Force Participation Rate: The percentage of the working-age population that is either employed or actively seeking employment.
Demographic Transition: A model that explains the shift from high birth and death rates to low birth and death rates in a population over time, resulting in changes to the age structure and workforce composition.
Automation: The use of technology and machines to perform tasks previously done by humans, which can lead to a decrease in job opportunities.