This refers to the number of people without work.

Unemployment levels are calculated in a wide range of ways, depending to some extent on the political direction of the government. For example by counting every person who is not in work this would include people who have retired or choose not to work, living on their investments. Similarly counting people who are out of work and eligible for forms of ‘unemployment’ benefits from the state may exclude people who wish to work but who fall outside the criteria for state support.

Unemployment is a term normally found in business economics and financial management. Explore our learning zone to discover more