Unemployment and the Labor Market
The unemployment rate measures the percentage of people in the labor force, meaning people who are working or actively looking for work, who do not currently have a job; someone who has stopped looking for work entirely is dropped from the labor force altogether rather than counted as unemployed, even though they still do not have a job. Economists distinguish several types of unemployment, including frictional unemployment (temporary, from people between jobs or just entering the workforce), structural unemployment (from a mismatch between workers' skills and available jobs), and cyclical unemployment (from an overall downturn in economic activity).
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