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Article: Unemployment
- Article from:
- Gale Encyclopedia of U.S. Economic History
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UNEMPLOYMENT
Reports on the economy often include information on unemployment to illustrate whether or not a nation's economy is doing well. Who is considered unemployed and what does the unemployment rate really represent?
The unemployed are individuals who do not currently have a job but are actively searching for one. These individuals, combined with those who are currently employed, make up the nation's labor force. A person who is not working and is not looking for a job is not considered unemployed.
The unemployment rate is usually described as a percentage. It is the percentage difference between the number of individuals in the labor force who are employed and those who are ...