Unemployment is a key measure of economic health and occurs when people who want to work cannot find jobs. It is an important part of the economy and can be caused by many factors including technological advancements, globalization, changes in consumer demand, and labor market rigidities such as strong unions or high minimum wage laws. Unemployment is a major factor in poverty and inequality. High unemployment rates can signal economic distress while low rates indicate overheated economies.
Each month, the Bureau of Labor Statistics publishes a comprehensive report on employment and unemployment in the United States and other countries around the world. This report includes a variety of statistics, from the total number of people who are unemployed to how long they have been jobless to what their education level is and where they live. Each of these details is important to understanding the economy and making decisions about how to address unemployment issues.
The official unemployment rate, which is cited widely in the media, defines those who are jobless as those who are able to work, actively seeking work, and available to take a job. There are different definitions of unemployment, however. The most commonly used definition is U-3, which includes those who are unemployed and have been looking for work in the past four weeks. Other definitions include those who are unable to work due to illness or injury, or those who have left the workforce for family reasons or to pursue their educational goals.