What is Unemployment?
Unemployment, according to the OECD, is people above a specified age not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labor force.Â
What is the simple definition of unemployment?
There is only one official definition of unemployment—people who are jobless, actively seeking work, and available to take a job, as discussed above. The official unemployment rate for the nation is the number of unemployed as a percentage of the labor force (the sum of the employed and unemployed).
What are the 4 types of unemployment?
4 Types of Unemployment and Their Causes
- Frictional unemployment.
- Structural unemployment.
- Cyclical unemployment.
- Seasonal unemployment