Unemployment Rate
The unemployment rate is one of the most important indicators of the state of a country's economy. It represents the ratio of the number of unemployed to the total labor force at a given date.
Unemployment is a lagging indicator, i.e. it moves after economic conditions change.
The main difficulty lies in the collection of statistics on the unemployed and the employed. It is not so easy to determine correctly the real number of the employed and the unemployed.
For example, the labor force does not include people who have given up looking for a job. And the number of unemployed does not include people who are working part-time and would like to switch to full-time work but are unable to do so.
The unemployment rate is extremely important in determining the current state of the economy and in forecasting its future dynamics. Too high an unemployment rate leads to low GDP growth rates and increased social tensions.
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