Define unemployment and how it is expressed in most countries.
Define unemployment and how it is expressed in most countries.
Percentage of total workforce who are unemployed and are actively seeking a paid job.
Unemployment rate (# of unemployed / # in labor force) = %
Unemployment rate is one of the most closely watched statistics because a rising rate is seen as a sign of weakening economy that may call for cut in interest rate. A falling rate, similarly, indicates a growing economy which is usually accompanied by higher inflation rate and may call for increase in interest rates.
Percentage of total workforce who are unemployed and are actively seeking a paid job.
Unemployment rate (# of unemployed / # in labor force) = %
Unemployment rate is one of the most closely watched statistics because a rising rate is seen as a sign of weakening economy that may call for cut in interest rate. A falling rate, similarly, indicates a growing economy which is usually accompanied by higher inflation rate and may call for increase in interest rates.
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