3 concepts
Measuring the Unemployment Rate
The labor force is the actual number of people available for work; economists use the labor force participation rate to determine the unemployment rate.
Shortcomings of the Measurement
Unemployment is not an absolute calculation and it is prone to errors and biases related to data assembly and inconsistencies in reporting.
Typical Lengths of Unemployment
Short-term unemployment is any period of joblessness that lasts fewer than 27 weeks. Long-term unemployment lasts 27 or more weeks.