Economics
Basic

Unemployment Rate

Fraction of the labor force without work.

Formula

u=UnemployedLabor Force×100u = \frac{\text{Unemployed}}{\text{Labor Force}}\times 100

Variables

UnemployedJob seekers
Labor ForceWorkers

Example

Key economic indicator

Did You Know?

The unemployment rate counts only active job-seekers, so it can fall simply because people give up looking.

macro