The unemployment rate represents the total percentage of people who do not have a job or source of income even though they want to and have the ability to work. It is an economic indicator that measures the people in the labor force actively seeking employment but who cannot find suitable jobs.
Example:
From May to July 2023, the unemployment rate in the UK was 4.3%, when around 1.46 million people didn’t have jobs. The last time the number was this high was due to the pandemic in 2020, when people started losing jobs, and the unemployment rate rose to 5.2%. Moreover, the highest-ever unemployment rate was in 2011 (8.5%) after the 2008 financial crisis.
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