- The percentage of the labour force that is currently unemployed, but is seeking employment and is physically able to work.
out of work, jobless rate, laid off
Related Terms and Acronyms
- Cost of Living Adjustment (COLA) — Acronym,
- A method used to keep salaries and benefits in line with inflation by following an index such as the Consumer Price Index.
- Recession — Definition,
- A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.
- Seasonal Unemployment — Definition,
- The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.
- Stagflation — Definition,
- A time period where the unemployment rate and the rate of inflation are both relatively high.
- Verification of Employment (VOE) — Acronym, Important,
- Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.