Unemployment Rate
a.k.a. Jobless rate
The share of people in the labour force who want a job but don't have one.
In plain English
The share of people in the labour force who want a job but don't have one.
The unemployment rate takes the number of people who are out of work and actively looking for a job, and divides by the total labour force (those working plus those looking). People who have stopped looking are not counted, which is why economists also watch other measures.
It is one of the central numbers for central banks. Very low unemployment can push wages and inflation up; rising unemployment can signal a slowdown. In the US it comes out with non-farm payrolls each month.
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