Unemployment rates represent the percentage of individuals who are willing and able to work but do not have jobs. It is an important economic indicator that reflects job market conditions within a country or region.
Related terms
Labor Force Participation Rate: The labor force participation rate measures the percentage of working-age individuals who are either employed or actively seeking employment.
Underemployment: Underemployment occurs when individuals have jobs that are below their skill level or part-time jobs when they desire full-time employment.
Structural Unemployment: Structural unemployment happens when the skills and qualifications of workers do not match the requirements of available jobs, resulting in long-term unemployment.