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Unemployment Rate

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PPGPortal > Home > Concept Dictionary > T, U, V > Unemployment Rate
 
Unemployment Rate

Measures the number of individuals who are actively looking for work in a particular economy but who do not have jobs.

(Dungan, Peter. Class Lecture.  PPG 1003 Macroeconomics for Policy Analysis, University of Toronto School of Public Policy and Governance.)


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All of the individuals in the economy who are either working or actively seeking work are considered to be participating members of the labour force. The unemployment rate measures what percentage of these individuals are unable to find work. It is important to recognize that individuals who are not actively seeking work are not considered “unemployed” by economists, but are instead considered to be “not participating” in the workforce. For example, retirees who have no interest in returning to work do not contribute to Canada’s unemployment rate.
     
Unemployment Rate

Measures the number of individuals who are actively looking for work in a particular economy but who do not have jobs.

(Dungan, Peter. Class Lecture.  PPG 1003 Macroeconomics for Policy Analysis, University of Toronto School of Public Policy and Governance.)


---------------------------------

All of the individuals in the economy who are either working or actively seeking work are considered to be participating members of the labour force. The unemployment rate measures what percentage of these individuals are unable to find work. It is important to recognize that individuals who are not actively seeking work are not considered “unemployed” by economists, but are instead considered to be “not participating” in the workforce. For example, retirees who have no interest in returning to work do not contribute to Canada’s unemployment rate.

Approved for glossaryposting by Ben Eisen on March 20, 2011


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© University of Toronto 2008
School of Public Policy and Governance