Unemployment Rate Definition | Becker

Accounting Dictionary

Unemployment Rate

The unemployment rate is the ratio of the number of people classified as unemployed to the total labor force. The total labor force includes all noninstitutionalized individuals 16 years of age or older who are either working or actively looking for work. An unemployed person is defined as a person 16 years of age or older who is available for work and who has actively sought employment during the previous four weeks.

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