Unemployment Rate
Definition The unemployment rate is a key indicator of economic health that measures the percentage of the labor force that is unemployed and actively seeking employment. It reflects the job market’s robustness and the economy’s overall performance. This figure is crucial for policymakers, economists and researchers, as it can influence monetary and fiscal policies. Components of the Unemployment Rate The unemployment rate comprises several essential components: Labor Force: The sum of employed and unemployed individuals actively seeking work.